Bundil App Makes An Appearance On Popular TV Show Shark Tank, Gets $100,000 Funding
Bitcoin and cryptos are slowly but surely finding acceptance in the mainstream media. On Sunday's episode of ABC's “Shark Tank,” one crypto entrepreneur found a way to approach traditional investors — and got Kevin O'Leary to invest six figures.
O’Leary offered Bundil, a mobile software solution that allows you to invest in crypto on micro level, $100,000 for a 50% stake. Notably, the ask by Dmitri Love, the CEO of Bundil was $100k for 10%.
Features Of Bundil App
The Bundil app tracks and learns the spending habits of users. Furthermore, it moves spare change from everyday purchases into a cryptocurrency investment of your choice. Many of us have a habit of tossing our spare change into a jar and forgetting about it. We don’t think about those coins until we roll them up and deposit them. Bundil is exactly the same but with cryptocurrencies. This is according to Dmitri Love, founder of Bundil.
The app collects the spare change from your credit and debit card transactions. Then it micro-invests that spare change into a cryptocurrency of your choice. Therefore, you’re still collecting spare change but effectively investing it. The subscription-based app charges $3 a month and $24 a year.
For example, let’s say you bought dinner for $27.65. The Bundil app would round it up to $28 and invest the 35 cents. Now, instead of just throwing your loose change into a jar, you can toss it into cryptocurrencies and perhaps see big value over time.
The app allows consumers to automatically invest spare change from credit or debit card purchases into various forms of cryptocurrency, including Bitcoin, Ethereum, LiteCoin, and BitcoinCash.
Problems With Micro Investments
One point of concern for the investor is that up to 80% of micro-investment companies fail within three years due to the volatility of the market. Still, O’Leary sees a future as he currently operates another business in this field.
Most of the sharks had concerns and dropped out: Lori Greiner wasn't sold on the idea of cryptocurrency in general; Mark Cuban was already invested in a comparable company; Daymond John didn't like the volatility of the digital currency space; guest judge and CEO of RSE Ventures, Matt Higgins, also opted out.
Notably, in 2017, Mark Cuban invested $250,000 in a similar app called ChangED, which allows you to pay off student loans with digital spare change. By August 2017, the app exceeded $1 million in sales and helped pay off $1 million of its users’ loans.