ChangEd Update | Shark Tank Season 9

ChangEd was a company built around the idea of helping people save money for their student loan debt. Dan Stelmach and Nick Sky came onto Shark Tank to represent their mobile platform specifically designed to round up everyday payments and save nickels and dimes to make large student loan payments eventually. The sharks seemed interested but $250,000 was a lot of money to invest for only 15% equity in the company. Let’s see what happens between the sharks and the entrepreneurs before we cover the Shark Tank ChangEd update.

Shark Tank ChangEd Update

Changed Update

  • Entrepreneurs: Dan Stelmach and Nick Sky
  • Business: Student Loan Debt Savings Platform
  • Ask: $250,000 for 15% equity
  • Result: $250,000 for 25% equity
  • Sharks: Mark Cuban

The company had only recently launched its platform when appearing on Shark Tank, but they already had more than 9,000 users download the app for their savings platform and more than 1,000 savings accounts were opened through the app.

Some of the sharks were concerned that other platforms already existed with similar sets of features to help save money or pay off loans, but Dan and Nick reassured the sharks that their platform was the first of its kind to directly target student loan debt.

One of the problems that the sharks realized was that the business model was not yet generating enough money to justify such a large investment. Dan and Nick admitted that with about 1,000 open accounts, the $1 membership fee to have an account on the platform was only generating about $900 per month.

Robert Herjavec decided to make an offer of $250,000 in exchange for 48% equity. Dan and Nick didn’t seem interested in this offer, but they were interested when Mark Cuban offered $250,000 for 25% equity. Dan and Nick accepted Mark Cuban’s offer and partnered up with him because of his technology background.

Our ChangEd update is exciting for a few reasons. The first reason is that we can confirm that Mark Cuban finalized his offer with Dan and Nick. The second reason is that the company has managed to help customers pay more than $10 million in student loan payments and has boosted its own gross revenue to more than $4 million per year.

You can find the other company updates from Season 9 Episode 20 here:

Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from Shark Tank Season 9.