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Paris-based fintech Joko raises €10 million to disrupt cashback in Europe

Ola Olaoluwa
Ola Olaoluwa

Joko, a Paris-based cashback app that rewards its users' spending, has raised €10 million in revenue, to bring the total amount raised by the startup to €12 million in two years.

Joko, founded in 2018, 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. And all sectors are represented within the app. The cashback credited to users’ accounts is a real income supplement that boosts their purchasing power. In fact, more than €1 million has already been distributed to users.

At the heart of Joko’s rapid adoption is its incredible simplicity. The app is free, and registration only takes a minute. To be rewarded, users can either connect their bank card to the app – all banks are compatible and the bank linking 100% secure – or use the Google Chrome web browser extension. Then users don’t need to take any other action, because bank transactions at partner brands are automatically detected and the user is notified when cashback is credited.

Joko Founders. Photo Credit: EU-Startups

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 daily.

The revolution lays in the fact that, unlike other cashback solutions, Joko rewards its users for both online and in-store purchases.

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 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.

France In Focus

Population: 67.05 million (Compared to South Africa's 59.6 million)

GDP: $2.716 Trillion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $42,400 (Compared to South Africa's $6,193)

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur