Spare Mobile ATM Update | Shark Tank Season 10

Paying up to $5 just to withdraw $20 and endlessly searching for a nearby ATM was the frustrating reality D’ontra Hughes experienced firsthand. In response, he created Spare, a virtual ATM network that connects users to local merchants willing to dispense cash through a mobile app. Let’s see if his company can secure a deal in our Spare update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Spare after Shark Tank.

D’ontra pitched his mobile ATM business on Shark Tank Season 10, seeking $500,000 for 3.5% equity. After his pitch, he reached an agreement for a deal with Mark Cuban for $500,000 for 12% equity and 2% advisory shares.

In terms of a Spare update, the company did not close its deal with Mark, but the company continued to grow independently. Since airing, Spare had scaled to 32 states, reached 1.2 million monthly users, and grown annual revenue to $4 million.

Shark	Result
Mark Cuban	Accepted offer of $500,000 for 12% equity and 2% advisory shares
Kevin O’Leary	No offer
Lori Greiner	No offer
Barbara Corcoran	No offer
Daymond John	No offer

Shark Tank Spare Pitch

• Entrepreneur: D’ontra Hughes
• Business: Financial App
• Ask: $500,000 for 3.5% equity
• Result: $500,000 for 12% equity and 2% advisory shares
• Shark: Mark Cuban

D’ontra pitched Spare, a mobile app that lets users withdraw cash from nearby stores instead of traditional ATMs.

He started by highlighting how ATM fees can be as high as $4.69, sometimes even $5, to take out just $20.

With Spare, users pay a flat $3 fee and access cash from local merchants using the app.

The service splits the $3 fee between Spare, the merchant, and the payment processor.

Users open the app, see a list of participating stores nearby, and get cash over the counter. There’s no need for a physical ATM.

Mark Cuban asked if the system relied on a third-party network. D’ontra confirmed that it did.

Kevin O’Leary followed up, asking about withdrawal limits. D’ontra said users could withdraw up to $100 per transaction.

Barbara Corcoran wanted to understand how Spare attracted merchants and how many were currently on the platform.

D’ontra said they had around 2,700 small retail partners, built steadily over the last 2.5 years.

At this point, Mark questioned whether the slow merchant adoption rate was the biggest hurdle. D’ontra agreed it had been a challenge.

Then Daymond John brought up the company’s valuation, which stood at $14.2 million. He thought it was high but reasonable given the current traction.

D’ontra then shared news of a major partnership with BBPOS, a global point-of-sale hardware company.

They planned to upload Spare’s software to 933,000 of their units already in stores.

Kevin asked if the devices were in place. D’ontra said yes and showed one.

Lori Greiner asked what BBPOS did. D’ontra explained that they build POS systems, including receipt printers.

Barbara then asked if these systems were physically present in stores already. Again, D’ontra said yes.

Mark wanted to know which locations they were in and which ones they weren’t. D’ontra said scaling was tough because big chains wanted to see volume before signing on.

Still, he believed Spare proved its value with 2,700 merchants and 2,500 daily transactions.

He had raised $500,000 through friends, family, and a convertible note round capped at $9 million.

Kevin doubted that people would walk farther to save $1.69, but D’ontra explained that Spare helps the underbanked, people who can’t easily access traditional banking services.

Mark agreed, saying he had struggled to open an account himself when he was younger.

Kevin dropped out, saying the company was overvalued. Lori, Barbara, and Daymond also passed for similar reasons.

However, Mark offered $500,000 for 15% equity. D’ontra countered with 12%. Mark accepted, with an added 2% in advisory shares.

D’ontra took the deal. He gave up more than he planned, but getting Mark on board was worth it.

Now that we’ve summarized the negotiations, let’s get a Spare update to see what the company’s been up to since appearing on Shark Tank.

Shark Tank Spare Update

Our Spare update found that the deal never closed, and Mark Cuban didn’t join the company’s cap table.

Despite that, Spare kept moving. In late 2019, the app expanded from iOS to Android and secured a partnership with LiteLink to support uBuck transactions.

The company had already raised $347,000 through convertible notes before its TV appearance.

Between 2021 and 2023, growth accelerated. Spare expanded to 32 states and partnered with around 75,000 merchants.

Our Spare update found that the platform reached 1.2 million monthly users. Annual revenue hit $4 million by the end of 2023, nearly tripling from earlier years.

Spare gained media attention from Techweek, SlashGear, and fintech publications. It also partnered with MasterCard, uBuck, and other digital payment platforms.

As of 2025, the company remains active and fully independent.

Even without the shark deal, Spare carved out a solid space in the fintech world.

Despite the deal not closing with Mark, the company was able to carve out a market share for itself.

As a result, we’re calling this Spare update a success.

You can find the other company updates from Season 10 Episode 20 here:

• Mavens Creamery Update
• Somnifix Update
• Swoveralls Update

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.