Joko, a fintech startup based in France, has reportedly raised €10 million through its latest investment round. The funding round comes just a little over a year after Joko raised €1.9 million through its first investment round.
As previously reported, Joko states it is developing a mobile app that rewards users with their favorite brands automatically every time they use their credit cards. While sharing more details about the company’s app, Nicolas Salat-Baroux, Co-Founder of Joko, stated last year:
“Our users are looking for a reward and loyalty experience that is simple, customised and gamified and that is what we have managed to create with Joko. It is thanks to this experience that we see a real impact on the frequency of purchases and the average basket of our users at the retailers available on the application. For example, with Monoprix, we have seen a 17% increase in expenses.”
According to EU-Startups, Joko 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 daily since its debut on the App Store and Google Play Store. In total, the startup’s users have collected more than €1 million in cashback from well-known brands. Xavier Starkloff, Co-Founder and CEO of Joko, further revealed:
“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.”
Funds from the investment round will be used to continue the development and growth of Joko.