Rounding up purchases as a way of saving money is nothing new, but Bundil, presented to the Shark Tank on October 21, 2018 by CEO and co-founder Dimitri Love, takes a fresh approach to rounding up by converting your money into cyptocurrency.
For those of you that are not familiar with the concept of rounding up, it's very simple. If your purchase a product for say $7.70, the purchase is rounded up to $8.00. The idea is that you don't miss the small amounts that are saved, but that they add up considerably over time.
Dimitri Love came to the tank asking for $100K in exchange for 10% of Bundil. He walked away with a deal from Kevin O'Leary for $100K in exchange for 50% of his company. O'Leary's offer was the only one made and Dimitri hesitated, appearing reluctant to accept the offer, but ultimately he said yes.
Lori Greiner was the first shark to go out, saying that she is unsure about the future of cryptocurrency. Mark Cuban went out next, stating that he had a conflict of interest since he was invested in a similar company. Daymond John echoed the thoughts expressed by Kevin O'Leary that the cost of customer acquisition would be high and he went out. Guest shark Matt Higgins went out also, saying that it would be too easy to create competition.
Bundil uses an app to guide the user through the process of linking her credit or debit card account and selecting the type of crypocurrency that she wants to invest in. The available options in Bundil are Bitcoin, Ethereum, Letecoin and Bitcoin Cash. There is an available option of choosing a set amount per transaction to invest rather than rounding the transaction up.
Dimitri Love taught himself computer programming while recovering from a soccer injury. He went on to become a software engineer and became interested in cryptocurrency. He founded Bundil to make investing in cryptocurrency easy and painless.
The Bundil app is available from the app store.
Season 10, Episode 3 - original air date 10/21/18