Coinout empowers consumers to receive change from cash transactions to their cell-phone to use later rather than in loose and unwieldy denominations. Coinout was built with clever yet simple mobile technology, and our business model creates unique incentives to engage merchants and consumers simultaneously. Our vision is to turn Coinout into a standard checkout feature for all merchants around the world.
The business was founded by Jeffrey Witten – CC’10, Law’15, Bus’15 – in May 2014, with the goal of allowing anyone with a basic cell-phone and texting capability to use it. He envisioned the business during the doldrums of studying for Law School finals, and fleshed out the technology after learning more about innovative mobile products such as M-Pesa in Kenya.
Coinout is lean and bootstrapped although looking to hire for a few positions in the near future. We are in a private pilot and hope to expand to several more locations in early 2015.