What Happened to Spare Mobile App After Shark Tank?
What is Spare Mobile App?
Spare is a mobile application that works in the same way as an ATM. The software eliminates the need for a huge automated teller machine in a retail location, allowing participating businesses to supply customers with the cash they would normally withdraw from an ATM.
Customers link their Spare account to a bank account, PayPal account, or Apple Pay account, from which funds may be withdrawn without using a debit or credit card.
Spare also pays partner stores for cash dispensing, while merchants save the costs connected with traditional ATMs.
D’Ontra Hughes, a financial entrepreneur, established Spare. He invented the digital ATM and previously worked as a vice president at Bellinity and Bellichiasmo.
The Arizona State University psychology graduate hopes to lead a Fortune 500 company by the age of 40 and is driven by innovation and breaking traditional business standards.
D’Ontra identified a need for a more convenient means of withdrawing money from ATM services while pursuing a career in financial technology.
This is why he established Spare. His expertise in business development, finance, and innovation separates and confirms his concept.
Who is the founder of the Spare Mobile App?
D’Ontra Hughes founded Spare. Hughes came up with the idea for Spare ATM while working at a bar where customers lacked cash to tip.
Hughes invented his one-of-a-kind approach for helping the unbanked and under banked to access monies after quitting JP Morgan and sleeping on couches.
According to the Federal Reserve, the unbanked and under banked make up 22% of US households and one-third of the global population.
There are three competing programs that provide the same job as Spare; however they are all headquartered in different countries. D’Ontra wants to be the first company to market in the United States of America.
The company has raised $347,000 in three rounds of financing, all of which have been convertible notes.
Although the number of merchants that have joined is unknown, the business is looking for part-time employees to recommend merchants. It is now only available on Apple devices, but Android will undoubtedly follow suit.
What Happened to Spare Mobile App at Shark Tank pitch?
On Shark Tank episode 1019, D’Ontra Hughes wants a Shark to help him remove ATM machines with Spare, a program that works as a virtual ATM. Hughes was seeking for a Shark to help with merchant acquisition, because the more retailers who provide the service, the more lucrative the app becomes.
D’Ontra appeared on Shark Tank in seeking of $500,000 in return for a 3.5 percent stake in his business, worth $14 million.
The Sharks exclaim loudly at the valuation. During D’Ontra explanation of the company concept, he was bombarded with questions on growth logistics.
The Sharks feel that shops will be hesitant to have huge sums of money on hand for app users.
The Sharks exit one by one, but Mark stays. He offers $500,000 in return for a 15 percent ownership in the company.
D’Ontra responds with a $500,000 offer for a 5% share; Mark rejects; D’Ontra then replies with a 12 percent stake. D’Ontra ends the pitch with a deal when Mark accepts the offer of $500,000 for 12 percent ownership plus 2 percent advisory shares.
What Happened to Spare Mobile App After Shark Tank?
As of July 2019, four months after the scheduled air date, this deal had not been finalized. Mark’s website does not list it as a Shark Tank firm.
Furthermore, the program has not been released outside of the city of Los Angeles. This agreement with Mark looks to be over.
The agreement with Mark had not been concluded as of February 2022. D’Ontra continues to grow its business through partnerships with Master Card, LiteLink Technologies Inc., and others.
The LiteLink agreement, signed in June 2019, allows uBuck subscribers to access the Spare network.
The firm is still in operation as of February 2022, with annual revenues of $4 million.
Competitors of Spare Mobile App
Spare Mobile App’s primary rivals in the market are HYAS InfoSec In, Absolute Software, MailChannels, LoginRadius, Kobal, Plurilock Software, and Mirai Security.
Net Worth of Spare Mobile App
During the pitch, the firm was valued at $14 million.
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Spare Mobile App FAQs
What is Spare Mobile App?
Spare is a mobile application that works in the same way as an ATM. The software eliminates the need for a huge automated teller machine in a retail location, allowing participating businesses to supply customers with the cash they would normally withdraw from an ATM.
Who is the founder?
D’Ontra is the creator of the Spare Mobile App. He came up with the idea for Spare ATM while working at a bar where customers lacked cash to tip.
How much did D’Ontra ask for on Shark Tank?
D’Ontra appears on Shark Tank in search of $500,000 in return for a 3.5 percent stake in his $14 million enterprise.
Did he have the deal?
He did, in fact, make the deal with Mark Cuban.
How much did the deal cost?
Mark offered $500,000 for 12% ownership and 2% advisory shares in the firm.
Is Spare Mobile App still in operation?
Yes, the Spare Mobile App is still in operation and produces $4 million in annual sales.
Spare Mobile App is based in which country?
It is headquartered in Las Vegas, Nevada. The company works from a warehouse where the software is housed on computer servers that are linked by a high-speed fiber internet network.
How will the proceeds from the Spare Mobile App be used?
The funds will be utilized to recruit merchants and further improve the application.
What was the investment strategy of Spare Mobile App?
Spare’s mobile app plan is to attract enough merchants to make the application a viable alternative to a traditional ATM.
How does the Spare Mobile App function?
Customers link their Spare account to a bank account, PayPal account, or Apple Pay account, from which funds may be withdrawn without using a debit or credit card. Spare also pays partner stores for cash dispensing, while merchants save the costs connected with traditional ATMs.
How does the Spare Mobile App make money?
Spare for merchants helps businesses to make money from cash that is sitting idle in their registers. Rather of paying banks to manage their money, Spare rewards banks for disbursing funds to its consumers on a per-transaction basis. Spare retailers benefit from increased foot traffic and revenue.
Is the Spare Mobile App a success?
Spare has 2,500 member merchants across the nation and is now processing over 2700 transactions each day. Spare raised $500,000 from family and friends to launch the company, as well as a $9 million convertible note.
Why is it taking so long for my check to clear on Spare Mobile App?
The first check will not be cleared until they get funds from their bank, which usually takes between 24 and 72 hours after submission. Users will not be able to see their check deposits immediately until they have processed their fourth check (and the prior three have cleared without incident).
Where can I withdraw money using TWINT?
Users can withdraw cash from any place within the network if the digital wallet is available in the Spare Mobile App.
How does Spare Mobile App pay the Merchants?
Merchants can deposit funds into their Spare bank account or arrange for funds to be moved to another bank (for a fee).
