I don't use Facebook for log-in to services. You don't say why Step #1 is "give you lots of my financial info."
Site design needs some polish. There are a few unfinished edges. Color palette is too muted and visually homogeneous.
I'm assuming it is just "selling" loyal customers of a product/service to businesses in exchange for them giving a sample of their product for free. Could work well in other industries, as long as you can ensure it isn't abused (i.e. I buy $1.30 coffee 4 times at Tim Hortons/Dunkin Donuts, then get a free organic latte ($5) at the place down the street... )
I think part of the value prop here from mojofiends perspective is that they are providing coffeeshops potential new customers. The coffeeshops that are offering them a $5 coffee don't care if the incoming customer has spent only $1.40 on coffee before today much the same as they don't care whether they bought a new tv yesterday. They just want access to potential new customers.
Groupon has proved how much businesses want potential new customers, I think this is an interesting twist and will perhaps generate better leads for coffeeshops than a groupon would.
If you're getting new customers in the door that aren't looking to buy a product in your range, is it worth it? Here is an extreme example: If you buy a Kia you get a free BMW test drive... the Kia buyers are likely not going to ultimately buy a BMW unless their socioeconomic status changes, and conversely, the BMW market has no interest in a Kia etc.
Of course there may be caps on it, etc, but perhaps a better option would be buy 4 coffees, get a free donut/bagel (or complimentary product, etc.) This would encourage spending of a normalized product (i.e the coffee), along with bringing the customer through the door with incentives & the intention of buying.