French fintech startup company Joko has raised €1.6m in its first funding round to support its loyalty card programme.
The backers included Partech, Axeleo Capital, Lafayette Plug and Play and multiple other angel investors.
Joko fundraising: Background
Established last year, Joko offers a universal loyalty programme integrated with credit and debit cards.
Available in Android and iOS platforms, the application transforms the customers’ credit card into a loyalty card.
After connecting the Joko application with the bank, the customers can collect reward points with every credit card usage at specified retail stores.
They are automatically notified after the purchase and can check reward points on the app. These points can be redeemed for gift cards or can be transferred to charities as donations.
On the other hand, Joko provides retailers with the opportunity to provide customised offers to build brand loyalty.
Joko CEO and co-founder Xavier Starkloff said: “Our ambition with Joko is to build a strong brand, a product used by millions of people that retailers reward on a daily basis, by putting technology at the service of the user experience.”
The app has been in beta for the last few months. It is said to have been adopted by ‘tens of thousands’ of people.
The company intends to use the money to hire more developers and data scientists to support its solution.
Currently, it employs 15 people and is based at Station F in Paris, a business incubator for start-ups.