French fintech startup Joko raises $11.7 million

Paris-based Joko, a leading cashback app that rewards the user every time they spend using their bank card, has raised $11.7 million in Series A round. Joko is funded by 5 investors. Partech and Axeleo Capital are the most recent investors, Crunchbase reports. 

Founded in 2018 by CEO Xavier Starkloff, COO Nicolas Salat-Baroux, and CTO Alexandre Hollocou, Joko has revolutionized the loyalty card by offering individual and customized customer service by turning credit cards into loyalty cards. Also, it allows its users to receive a part of what they spend for free. The application is free, and registration takes only a minute. To receive the reward, users can connect their bank cards to the app.

The startup wants to use the raised funds to offer its solution to all European consumers and to double its workforce by the end of the year. To date, over 1,000 merchants have already chosen Joko to reward their customers, including H&M, Asos, Apple, and Nike, Joko reports. 

Xavier Starkloff, co-founder and CEO of Joko, said:

“Our mission at Joko is to make everyone’s life more rewarding and make sure that part of their spending “goes back into their pockets.” If we were already convinced that everyone, everywhere and at all ages, likes to be rewarded, the current context and the uncertainty that can weigh on the purchasing power of the French has only strengthened our value proposition. Our users tell us that the additional income generated by Joko makes a clear and appreciated difference in their daily lives.”