Joko - the innovative cashback app
by Startacus Admin
Joko is a Paris-based fintech startup that is aiming to disrupt how consumers have their spending rewarded by retailers
Getting rewarded for buying things is nice. You take your bag of new products and you say, ‘Here is my money’, and they say, ‘Thank you, please take some money for your money’, and...actually getting rewarded for buying things is a little odd. Why not discount? But who cares - rewards are good and help us in our rampant consumeristic ways, buying up as many things that we don’t need as possible.
Paris-based fintech startup Joko is looking to disrupt the way consumers are having their spending rewarded by retailers. This is done through their 1,000+ partner retailers both online and in-store, which is already an unusual bonus for this type of rewards system, via their free app for devices and their browser extension.
All the user needs to do is securely link their bank account to the app or use the Chrome extension and whenever you purchase through those partner retailers, cashback is credited to your Joko account. This can then be used as part of your next purchase at any Joko partner retailer, not only the one you received the rewards from.
Since launching on both iOS and Android in 2018, Joko has had over 500,000 users join and has given back over €1m in cashback rewards. For retailers, partnering with Joko makes acquisition and retainment of new customers easier, because they are entering into a community of sorts. Joko says that they have, on average, halved customer acquisition costs for their partners and ensured a 20% increase in sales, and shopping frequency has also increased.
“No other marketing solution on the market today allows for drive-to-store, on a pay-per-sale model and with an exact measurement of the turnover generated online and offline.” - Nicolas Salat-Baroux, co-founder
In October, Joko announced that it had raised a huge €10m in funding, bringing their total to €12m. This funding will go towards doubling their staff and boosting every aspect of the business to increase adoption.
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Published on: 14th December 2020
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