If you’ve ever been without cash, then you’ll probably want to read about this next product. Spare is the mobile ATM application pitched on Shark Tank during its tenth season. Founder D’ontra Hughes made a deal with one of the famed panelists, and business has been steady ever since. Find out the status of the company now below.
1) D’ontra Hughes is the creator of Spare. He has an extensive background in fintech (financial technology), making him an expert to create this product. He wanted to develop a way for the “unbanked and underbanked” to access money, according to Shark Tank Tales.
2) His idea turned into the mobile ATM app which allows users to withdraw cash without having to use a credit/debit card. They log onto their account on the app, upload funds from their bank account, and send a request for cash from the business. Once they are at the business, they simply scan a QR code and receive their cash request.
3) While on Shark Tank, D’ontra asked for $500,000 for 3.5%. This made the valuation over $14 million. He did receive a deal for $500,000 for 12% with Mark Cuban. Additionally, there was also a 2% consultative share. This allowed Mark to utilize his skills to continue fostering the relationship between he, D’ontra, and their perspective customers.
4) Even though being a CEO has been a little tough for D’ontra, he’s managed to keep the company successful to this day. Clients can now make withdraws locally and send cash from any digital wallet app, such as PayPal or Apple Pay.
5) For as successful as the company is, they aren’t as strong in their social media game. For example, their Instagram page has not been updated since 2019. However, their Twitter is a bit more active – the last tweet was from April 6. They also have a YouTube channel with a few short videos, one of which you can see below.
Catch up with other episodes of the Shark Tank on demand or on Hulu.
More from Episode 1019
Mavens Creamery
Somnifix
Spare
Swoveralls
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