The fintech Joko raises €10 million to disrupt cashback in Europe

The fintech Joko raises €10 million to disrupt cashback in Europe

October 8th, 2020

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Paris, October 7th, 2020 - Joko, the cashback app that rewards all the spending of its users, raises €10 million, 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. 

Food, travel, shopping, beauty, furnishings, DIY, etc. 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 a million euros have 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. Nothing to do, say or scan, because bank transactions at partner brands are automatically detected and the user is notified when cashback is credited.

The revolution lays in the fact that, unlike other cashback solutions, Joko rewards its users for both online and in-store purchases. Indeed, the technology developed by Joko is based on the Open Data initiative enabled by the PSD2 (Payment Services Directive n°2). In France, 90% of spending is still done in-store. The potential is therefore 10 times greater, particularly for users.

What is the vision? To increase the purchasing power of millions of consumers.

"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".

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.

For retailers, Joko's value proposition is simple: acquire new customers and retain them at a low and controllable cost thanks to an engaged community (Joko users connect to the app on average 4 times a week) and on highly qualified data (more than 3 billion euros of transactions already analyzed).

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.

Convinced by this drive-to-store solution, its pay-per-sale model, and the fact that it allows a perfect barometer for the investment return for their campaigns, Leroy Merlin, Franprix, Galeries Lafayette, Aldi and BUT have trusted Joko to boost their revenue.

Pure players are also fond of Joko, and they have massively chosen the company to help them reach their growth targets: Asos, Cdiscount, Heetch, Cityscoot, Birchbox, ManoMano, etc. As such, Joko is a major ally for its partners, particularly in the current Covid-19 context.

Nicolas Salat-Baroux, co-founder and CRO of Joko, explains: "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. No other marketing solution on the market today allows for drive-to-store, on a pay-per-sale model and with an exact measurement of the turnover generated online and offline. This is precisely what we offer to retailers and this is why the adoption of Joko is so strong".

After France, the fintech intends to go global, starting with Europe.

The success of the app is due to a team of 25 people, 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.

"To enable millions of people to benefit from this merchant-funded cashback offerings,” says Xavier Starkloff, “we have created an effective solution, but we also want it to be tailored and gamified. We want Joko to be an everyday reflex and a partner for consumption.”

Joko's success in France is just a starting point for the team, which intends to offer its solution to all European consumers very soon. The Open Banking regulation on which the FinTech relies - the PDS2 - is European indeed. Strengthened by the success of its solution in France, the startup is equipping itself with the resources that match its ambitions thanks to this new fundraising including Partech and Axeleo, in a deal advised by Alpha Capital PartnersUK (Marc Oiknine).

Joko also plans to double its workforce by the end of the year. Positions are open across all teams: Tech, Product, Marketing, Support, Sales, Operations, Account Management, etc.

About Partech

With a portfolio of almost 180 companies spread across 30 countries in Europe, the US, Africa, and Asia, Partech has been one of the leading international investors helping visionary founders for almost 40 years. The Partech team – made up of both former entrepreneurs and executives from 15 different countries – brings capital, experience, strategic support, and networks to entrepreneurs at every stage of development: seed, venture, and growth. With over €1.5B under management, Partech invests from €200K to €50M in B2B and B2C technologies reshaping industries. Companies backed by Partech have completed more than 21 IPOs and more than 50 strategic M&A transactions valued over $100M. 

For more info:

Press contact: Isabelle Tresson - +33 7 86 08 85 85 -

About Axeleo 

Axeleo offers European founders of B2B startups a unique support framework combining capital investment through its VC funds, a tailor-made acceleration program and an ecosystem of over 100 high-level partners and mentors. Axeleo is committed to supporting the startups it accompanies, from the seed phase to Series B - as part of a logic of accelerating their international marketing. Axeleo Capital, an AMF-approved management company with €80 million under management, counts start-ups such as Alsid, Jenji, Joko, 365 Talents, Hyperlex and Trustpair in its portfolio. 

For more info:

Press contact: Quentin Guignard – +33 6 07 02 96 62 -

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