Earning rewards for making purchases sounds so cool right? It might seem a bit unrealistic, but Joko, the cashback app makes it possible. As more and more brands are adopting incentive-driven customer acquisition strategies, we, as consumers, have come to expect some sort of incentive for all our purchases. Therefore, apps like Joko have become a sort of necessity. It’s not only convenient to use, but it can also help us save money.
€10M in funding
Based out of Paris, Joko is a mobile app that rewards its users every time they spend using its bank card. The French company has raised €10M in funding led by Partech and Axeleo to accelerate its platform growth and double its workforce by the end of this year. This brings the total amount raised to €12M in two years.
Founded by Nicolas Salat-Baroux, and Xavier Starkloff in 2018, the Joko app is free on both Google Play Store and App Store. To make use of rewards, users need to connect their bank cards to the app. Post every shopping, the user is notified when cashback is credited.
Since 90% of spendings in France is still done in-store, Joko rewards its users for both online and in-store purchases. Joko says the cashback is applicable in various sectors including Food, travel, shopping, beauty, furnishings, and DIY.
According to Joko, the technology behind the app is based on the Open Data initiative enabled by the PSD2 (Payment Services Directive n°2), so it’s safe and secure.
“Our mission at Joko”, says Xavier Starkloff, co-founder, and CEO of 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. Our users tell us that the additional income generated by Joko makes a clear and appreciated difference in their daily lives”.
Aims to be a global cashback player
To date, around 500k users have benefitted from cashback offers and more than 1,000 retailers have partnered with Joko to reward them daily. As per the company, users have collected over €1M in cashback from well-known brands in total.
For retailers, Joko’s value proposition is simple: acquire new customers and retain them at a low and controllable cost. The impact for merchants using the app is huge since the customer acquisition costs are halved on average and a 20% increase in average shopping baskets and purchasing frequency.
Many retailers including Leroy Merlin, Franprix, Galeries Lafayette, Aldi, and BUT have trusted Joko to boost their revenue. Additionally, the pure players including Asos, Cdiscount, Heetch, Cityscoot, Birchbox, ManoMano, etc. chose the company to help them reach their growth targets.
After France, the company intends to become a global cashback player and aims to reward hundreds of millions of consumers daily. Joko is currently hiring across all teams – Tech, Product, Marketing, Support, Sales, Operations, Account Management, among others.
Main image: Joko