Have you heard about SignalVault? If the name isn’t ringing any bells, maybe you remember a guy who appeared on Shark Tank back in 2015 with a device that protects against credit card theft.
Yes, that’s him. Chris Gilpin; founder of SignalVault. But what exactly is SignalVault?
It’s a little device that keeps your credit and debit cards safe from being picked up by RFID scanners who can steal your identity. It’s really cool. You just slide it into your wallet or purse and you’re good to go!
You might expect that SignalVault has seen some success after Shark Tank. So how much exactly?
In this article, we’re going to explore Signal Vault’s net worth and success. Read on to learn more about this innovative company and what they’ve accomplished so far.
SignalVault is a protection method for your credit and debit cards against RFID theft. To explain more, modern credit cards have RFID chips to allow fast and responsive credit card scanning at payment terminals.
That way, by tapping or waving your credit cards near ATMs or card readers, you can easily make a purchase.
On the flip side, these chips make a perfect opportunity for thieves to steal your credit card information using RFID scanners.
SignalVault’s idea is to protect against this type of theft. How?
The company came in with a simple but effective idea—an RFID-blocking wallet insert that protects your credit cards by blocking RFID scanners. That way, your card is safe from wireless skimming and data theft.
SignalVault Net Worth
Chris Gilpin started his business after he won the lottery with a $1 ticket. The incredible story didn’t stop there, especially after his deal with Lori and Robert from Shark Tank.
According to Chris, SignalVault made over $3.2 million within 14 months of his appearance in Shark Tank. The company is still in business, with a huge net worth of $4-5 million and an annual revenue of $1 million.
The Appearance on Shark Tank
Chris Gilpin appeared on Shark Tank in 2015. He explained how thefts use RFID scanners to hack credit cards. He also pointed out the significance of having protection for all your payment cards.
Chris claimed he has the upper hand over his competitors, as his device doesn’t need recharging or batteries.
With millions of people who lose money in frauds and credit card scams every year, the Sharks were interested in SignalVault.
Chris Gilpin’s initial offer was $200,000 for 12.5% equity. Robert was interested and offered $200K for 15% as he thought it was an excellent security product. Lori said she can sell the device on QVC and offered $200K for 18%.
Chris suggested that Lori and Robert work together for 18% at $250K. After some wheeling and dealing, Chris got a deal with both for $200K for 25%.
SignalVault After Shark Tank
After his appearance on Shark Tank, Chirs joined Lori to sell the product on QVC. They ended up selling over 480,000 units in just 8 minutes!
That was worth around $300K. Chris also expanded his workforce by hiring 12 more people, as he made over $2M in sales.
The Shark Tank duo aided Chris in many ways. Lori helped with packaging and sales, while Robert helped with renovating the website, SEO, and spreading awareness.
To Wrap Up
Starting his business with his lottery win, Chris Gilpin came to Shark Tank with a simple, yet effective, idea. His RFID-blocking wallet ensures the safety of your credit cards and protects them against electronic pickpocketing.
SignalVault had tremendous success after their Shark Tank appearance. With a soaring net worth of $4-5 million, they’re still expanding their product lines and creating new products to better serve their customers.
Even though they face many competitions, SignalVault is still in business with 15 employees and a whopping $662K annual revenue.