Joko, a Paris, France-based company that provides a universal loyalty program using credit or debit cards, raised €1.6m in first funding.
Backers included Partech, Axeleo Capital, Lafayette Plug and Play, and several angel investors from the sector.
The company intends to use the funds to to recruit more developers and data scientists and accelerate the development of its solution.
Founded in 2018 in France by Xavier Starkloff, CEO, Nicolas Salat-Baroux, COO, and Alexandre Hollocou, CTO, Joko has built a universal loyalty program integrated into credit or debit cards. Thanks to the mobile application (available on both iOS and Android), the credit card becomes the loyalty card. After connecting the application to their bank through a secure interface, customers automatically accumulate reward points every time they use their usual credit card in dozens of big retailers such as McDonald’s, Uber, Starbucks, Zara and many more. When paying, the user is automatically notified after their purchase and can check their points in the application. He can trade them for gift cards in several retailers or convert them into donations to charitable associations.
Joko also provides a customized experience, thanks to a layer of artificial intelligence that suggests offers adapted to users’ habits.
After a few months of beta, Joko has already been adopted by tens of thousands of people.
For retailers, it gives them the opportunity to understand, capture and address millennials, acquiring and building loyalty through customized offers. Then understanding, by observing the dynamics of their market and their competitive positioning.
The startup has already convinced several dozen partners, including leading retailers such as Printemps, Fnac and Franprix, as well as digital native brands like Birchbox, Heetch and Cityscoot, who have already trusted Joko to optimize their marketing expenses.
The company has a team of fifteen people currently based at Station F.