Joko, the cashback app that rewards all the spending of its users, has raised €10 million in investment funding bringing the total amount raised by the startup to €12 million in two years.
Since its launch on App Store and Google Play Store, more than 500,000 users have joined Joko to benefit from cashback offers and more than 1,000 retailers have partnered with Joko to reward them on a daily basis. In total, Joko’s users have collected over €1m in cashback from well-known brands.
Joko allows its users to receive a part of what they spend for free. Whether they are online or in store, Joko is capable of automatically rewarding its users.
At the heart of Joko’s rapid adoption is its incredible simplicity. The app is free, and registration only takes a few minutes. To be rewarded, users can either connect their bank card to the app – all banks are compatible, and the bank linking 100% secure. Bank transactions at partner brands are automatically detected and the user is notified when cashback is credited. Joko rewards its users for both online and in-store purchases.
The technology developed by Joko is based on the Open Data initiative enabled by the PSD2. In France, 90% of spending is still done in-store.
“Our mission at Joko is to make everyone’s life more rewarding, and make sure that part of their spending goes back into their pockets. If we were already convinced that everyone, everywhere and at all ages, likes to be rewarded, the current context and the uncertainty that can weigh on the purchasing power of the French has only strengthened our value proposition,” says Xavier Starkloff, co-founder and CEO of Joko.
“Our users tell us that the additional income generated by Joko makes a clear and appreciated difference in their daily lives. We want Joko to be an everyday reflex and a partner for consumption.”
For retailers, launching offers on Joko means acquiring new customers, building loyalty, and watching their turnover increase daily. Over 1,000 merchants have already chosen Joko to reward their customers, including Carrefour, H&M, Asos, Apple and Nike.
The business impact for merchants using the app is significant, with customer acquisition costs halved on average and a 20% increase in average shopping baskets and purchasing frequency.
Nicolas Salat-Baroux, co-founder and CRO of Joko, adds, “All retailers and pure players aim at acquiring new customers and retaining them at a lower cost. With Joko, we offer them the simplest, smartest and most profitable solution based on a new and as of yet unexploited data that we master perfectly: payment data.
“This is precisely what we offer to retailers and this is why the adoption of Joko is so strong”.
With a team of 25 people, the fintech aims to launch in European markets with a clear objective: to become the leading global cashback player and to reward hundreds of millions of consumers on a daily basis, by offering them a simple, intelligent and fun solution.
The post Fintech startup Joko raises €10m appeared first on UKTN (UK Tech News).
