Joko, a French fintech company aiming to disrupt cashback rewards, has raised a €10 million Series A round to begin expanding into other European countries. The funding comes from two French VCs, Partech and Axeleo, who also participated in a €1.6 million seed round last year.
Based on the Open Data initiative enabled by the PSD2 (Payment Services Directive n°2), Joko rewards its users for both in-store and online purchases. Shoppers can either connect their bank card to the app (all banks are compatible, the startup says), or use the Google Chrome browser extension. Transactions at partner brands are automatically detected and the cashback is automatically credited.
More than 1,000 retailers have partnered with the platform and over 500,000 users have joined. In total, Joko’s users have collected over €1 million in cashback from brands such as including Carrefour, H&M, Asos, Apple and Nike.
The Paris-based team plans to double its workforce by the end of the year, hiring for positions across the board.
Photo: Joko team