Coin Out - Shark Tank Update

Receipt digitization met cashback innovation when entrepreneurs identified the untapped value hidden in everyday shopping receipts and developed CoinOut as a groundbreaking mobile application that transforms paper receipts into digital cash rewards, effectively turning routine purchases into earning opportunities for budget-conscious consumers seeking additional value from their regular spending habits. Their ingenious platform revolutionized the traditional receipt-scanning category by expanding beyond grocery stores to include virtually any retailer, using advanced optical character recognition technology to extract purchase data and reward users with cash back, gift cards, and other incentives that provided tangible value from purchases they were already making.

Seeking $250,000 for 7.5% equity and valuing their digital wallet company at over $3.3 million, the CoinOut team entered Shark Tank Season 9 with a comprehensive solution that addressed the growing consumer demand for cashback opportunities while creating valuable data streams for retailers and brands seeking insights into purchasing behaviors and consumer preferences across diverse retail categories.

Jeff Witten accepted Robert Herjavec's on-air offer of $250,000 for 15% equity, contingent on CoinOut completing a successful pilot with a large retailer. The deal fell through after filming, so Robert did not become an investor.

Witten later told Columbia Magazine that he considered that outcome fortunate in retrospect because giving up 15% at the on-air valuation would have been unfavorable for the company. By the time the episode aired in February 2018, CoinOut had already moved away from its original digital-change wallet, which depended on merchant adoption, and repositioned itself as a cash-back app that let consumers submit receipts from many different retailers.

Columbia Magazine reported in 2022 that CoinOut served almost two million people; Witten credited its growth to a simple interface, broad receipt acceptance, and immediately showing users their cash-back earnings. In May 2021, market research company IRI acquired CoinOut for an undisclosed amount.

IRI said the acquisition added a 1.5-million-member receipt panel covering purchases across channels including beauty, pet, convenience, home improvement, and restaurants, and that CoinOut data would support its OmniMarket and OmniConsumer analytics products. Witten continued to lead CoinOut within IRI as of Columbia's 2022 profile.

IRI later merged with The NPD Group and rebranded as Circana, and CoinOut's current terms identify Coin Out Inc. as wholly owned by Circana. As of August 2026, CoinOut remains an active rewards app: its App Store listing shows continuing software updates and says users can earn rewards through paper receipts, linked online accounts, surveys, missions, and games, then redeem through options including gift cards, PayPal, and Venmo.