Coinout – Receipts App – Update

SEASON 9 EPISODE 23

PITCH

smart receipts app that lets you scan receipts for cash back

ENTREPRENEUR

Jeff Witten

ASKED FOR

$250,000 for 7.5%

GOT

$250,000 for 15%

SHARK

Robert Herjavec

STATUS

IN BUSINESS

Coinout makes getting cash back from your purchases a simple process. All you must do is download the Coinout app and follow the prompts. All that’s needed is your mobile number. You receive a text with a passcode that you type into the app, and you’re ready to start scanning your receipts. You have two weeks from when you shopped to scan the receipt. There are two ways to earn: online purchases or in-store receipts.

For purchases made in the store, just lay your receipt on a flat surface and, using the scan button on the app, take a clear picture of the receipt. The receipt will need to show the name of the store, all the items purchased, and the date of purchase.

For online purchases, you’ll need to go through the app first before buying anything. A list of merchant stores that offer rewards is on the app’s homepage. Clicking the merchant button will take you to their website where you complete your purchase. You’ll then receive a text from Coinout letting you know about your pending award.

E-receipts are also accepted and to receive cashback, the receipt needs to be emailed to a Coinout email on the same day.

There’s another way to earn cash from the app and that’s if you’ve paid with cash, you can choose to have the change deposited into your Coinout account instead of getting the loose change back. This is only possible if the merchant is registered for this service.

Coinout Founder’s Story

Jeff Witten started the company in 2017 with just a few merchants. As a law student studying property law, he decided that this wasn’t the path he wanted to take. While in college, he used to watch Shark Tank so often that he used the show as an inspiration to start his own business.

As a college student, Jeff paid for purchases with cash but HATED getting back loose change. Having worked for Apple in the payments sector, he was able to study the methods that retailers used.

Jeff had a difficult time pitching his product in Shark Tank, but his 6-8-week preparation prior to his presentation stood him well as he managed to land a deal with Robert Herjavek.

Coinout Today

Coinout no longer gives you the option to have your loose change sent to your account. Now you can only scan a receipt to get a credit. To be able to get more cash, the company has a referral program that enables you to share a link to earn extra cash, as well as earn extra rewards if you upload often.

As of 2019, three million receipts a month were being scanned, and Coiunout’s app was in the top 100 ios apps. It has a 4.7 out of 5 rating with over 55,000 reviews. While there are some hiccups to its system, mainly from users who complained about being blocked due to scanning duplicate receipts, overall, the company is doing well.


Visit the Coinout website

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