What Exactly Is the Spare Mobile App?
Spare is a smartphone app that works in a similar way to 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 get from an ATM.
Customers may link their Spare account to a bank account, PayPal account, or Apple Pay account and withdraw funds without using a debit or credit card. Spare also pays partner stores for cash dispensing, saving them the costs of traditional ATMs.
D’Ontra Hughes, a financial entrepreneur, launched Spare. He was formerly working as a vice president at Bellinity and Bellichiasmo and is the creator of the digital ATM. 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 saw that consumers needed a more easy way to withdraw money from ATM services while pursuing a career in financial technology. Spare was formed as a result of this. His expertise in business development, finance, and innovation sets him apart and justifies his approach.
Who Is the Founder of The Spare Mobile App?
D’Ontra Hughes is the founder of Spare. While working at a tavern where customers lacked the cash to tip, Hughes came up with the idea for a Spare ATM. After quitting JP Morgan and sleeping on couches, Hughes invented his one-of-a-kind approach for allowing the unbanked and underbanked to access cash.
According to the Federal Reserve, 22 percent of US households and one-third of the global population are unbanked or underbanked. Spare has three competitors that provide the same role, although they are all headquartered in different nations. D’Ontra wants to be the first company to market in the United States. So far, the company has raised $347,000 in three rounds of funding, all of which were convertible notes.
Although the exact number of merchants that have signed up is unknown, the company is looking for part-time employees who can recommend businesses. It’s 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 needed a Shark to help with merchant acquisition because the more retailers that use the program, the more valuable it gets.
D’Ontra appeared on Shark Tank with the hopes of receiving $500,000 in return for a 3.5 percent stake in his $14 million company. The Sharks are taken aback by the price tag. D’Ontra was bombarded with questions on growth logistics as he was discussing the company concept.
According to the Sharks, shops will be hesitant to have a huge quantity of cash on hand for app users. One by one, the Sharks go, but Mark remains. In exchange for a 15% ownership in the company, he offers $500,000.
D’Ontra responds with a $500,000 offer for a 5% interest; Mark refuses; D’Ontra then responds with a 12 percent stock offer. D’Ontra ends the pitch with a deal when Mark accepts the offer of $500,000 in exchange for 12% stock and 2% advisory shares.
What Happened to Spare Mobile App After Shark Tank?
As of July 2019, four months after the scheduled air date, this contract has not been finalized. Mark’s website does not list it as a Shark Tank firm. Furthermore, the software has not been released outside of Los Angeles. This arrangement with Mark looks to have fallen through.
The agreement with Mark has not been concluded as of February 2022. D’Ontra continues to grow its business through partnerships with companies like Master Card and LiteLink Technologies Inc.
The LiteLink agreement, signed in June 2019, allows uBuck customers to connect to the Spare network. The business is still going strong in February 2022, with annual revenues of $4 million.
Spare Mobile App’s Net Worth:
During the Pitch, the Firm Was Valued at $14 Million. Since then, the Corporation Has Continued to Operate, and its net value may now exceed that of the pitch.