Paris-based FinTech startup Joko has raised €10 million in a funding round held in October 2020, from Partech and Axeleo Capital.
Proceeds from the funding round will mainly be used to increase the number of its team members. They have opened vacancies for various departments such as, Tech, Product, Marketing, Support, Sales, Operations, Account Management, and more.
What’s Joko?
Founded in 2018 by Nicolas Salat-Baroux and Xavier Starkloff, Joko is a mobile app that rewards the user every time they do some payment using their bank card. The user collects points when he/she spends at their favorite brands like Uber, Starbucks, Carrefour, H&M, Asos, Apple etc.
Whether the payment is done online or in-store, Joko automatically rewards its users. The app covers various sectors such as food, shopping, travel, beauty, furnishings and many more. More than €1 million has already been distributed to users in the form of rewards, till date.
The app is pretty simple to use, it is free, and registration only takes a minute. Users can link their bank card to the app (please note that all banks are compatible with the app and the bank linking is 100% secure), to be rewarded. They can also use the Google Chrome web browser extension for the same purpose. Bank transactions at partner brands are automatically detected by Joko and the user is informed when cashback is credited.
Joko’s popularity overtime
Since its launch, more than 500K users have been using Joko to take advantage of the cashback offers and more than 1K vendors have collaborated with Joko to reward their users daily.
What makes Joko stand out from other cashback solutions is the fact that Joko rewards its users for both online and in-store purchases. The solution developed by Joko is based on the Open Data initiative enabled by the PSD2 regulation (Payment Services Directive n°2). Furthermore, in France, 90% of spending is still done physically, that is, in-store, therefore, increasing the potential of Joko’s success by almost 10 times in such regions.
Apart from customers, the app is also very beneficial for merchants as launching offers on Joko means gaining new customers, building loyalty and brand name, and witnessing their revenue increase daily. For these merchants, Joko’s motto is simple, that is, gain new customers and hold on to them for a low and reasonable cost. The fintech startup claims that its users connect to the app on an average of 4 times a week.
Numerous merchants have benefitted after partnering with the Joko app. With customer-gaining costs decreasing by almost 50% and a 20% increase in average shopping baskets and buying frequency.
The total funding secured by Joko now equals €11.7M which it has obtained from investors namely, Partech, Axeleo Capital, Lafayette Plug and Play, Wilco and AGORANOV.
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