French fintech startup Joko has raised 1.6 million euros in early-stage funding from Partech, Axeleo Capital, Lafayette Plug and Play and a number of unnamed angel investors to “reinvent loyalty cards”.
Founded in 2018, the company says traditional and single-brand loyalty programs are outdated and no longer cater to millennials, which leads to disappointment and abandonment.
Joko’s plan is to turn the loyalty card into a customised and centralised customer experience by making it an inherent part of a credit card instead.
After connecting its mobile app to a bank (thanks to PSD2, the new European regulation that gives back to consumers the power over their banking data), customers can 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 more.
From the PR: “When paying, there is nothing to scan, nothing to say, nothing to do: the user is automatically notified after their purchase and can check their points in the application. In one click, he can trade them for gift cards in several retailers or convert them into donations to charitable associations.”
Based out of Station F in Paris, Joko already claims tens of thousands of users after a brief period of beta testing, with users already earning tens of millions of points since its debut.