If you have been keeping a close eye on STATION F startup news, then you might already be familiar with the name of Joko. The fintech startup is an alum from the Facebook Startup Garage and was featured in our annual list of TOP30 startups earlier this year.
This week, Joko announced a €10 million Series A with Partech and Axeleo to expand their cashback rewards program.
Based on the Open Data initiative enabled by the PSD2 (Payment Services Directive n°2), Joko has been able to develop a technology that seamlessly rewards its users for both online and in-store purchases.
How does it work?
The PSD2 is a regulation that forces banks to allow third-parties, like Joko, to access consumers’ transaction data if provided with their consent. In other words, once consumers connect their bank card to the Joko app, transactions at partner brands are automatically detected and the cashback is automatically credited. No traditional loyalty cards, no paper coupons are involved in the process.
Since its launch on the App Store and on the Google Play Store, over 1,000 retailers have partnered with Joko and over 500,000 users have joined. In total, Joko’s users have collected over €1 million in cashback from well-known brands like Apple, Nike, Carrefour, Uniqlo, H&M, and so on.
With this fundraising, the team plans to double its workforce by the end of the year across all functions and to expand their services beyond France to other European countries, with global ambitions at heart.