Over the last five years, Fintech has grown into one of the hottest industries in the world and has grown by leaps and bounds across many countries. While the United States, United Kingdom, and China remain the leading lights of the new Fintech charge, other parts of Europe have also become active members of the Fintech ecosystem. The industry has grown in France as well and one of the best-known Fintech startups in the country is Joko, which has managed to make a name for innovations despite having been established last year.
The company deals in cutting edge technology and in a new development it raised 1.6 million Euros in order to extend its well-known loyalty program to debit or credit cards of its users. It is a bold plan and this round of investment was led by Play, Partech, Lafayette Plug, and Axeleo Capital, among others. The fresh capital will be used by the company to hire more developers and data experts in order to create a cutting edge addition to its app. Joko’s loyalty program is perhaps one of the best-known aspects of the services that it provides and currently, it has partnerships with major corporations when it comes to loyalty programs. Some of the loyalty programs on offer include those from McDonald’s, Starbucks, Uber, and Zara, among others.
The company now wishes to turn a user’s credit or debit card into a loyalty card. If the card is used through the Joko app, then the user would not have to indicate anything to the retailer and his discounts or rewards will be automatically factored into the bill. It is a revolutionary new concept and it is hardly a surprise that the company have had to raise more capital in order to turn it into reality. Nicolas Salat-Baroux, who is the co-founder of the company said,
Our users are looking for a reward — and loyalty experience that is simple, customized and gamified, and that is what we have managed to create with Joko. It is thanks to this experience that we see a real impact on the frequency of purchases.