It’s been nearly six years since Antoine Bahri launched Carlo, Monaco’s first mobile app that rewards consumers for buying goods and services locally. The Monaco resident wanted to create “a smart currency for Monaco” through an incentive program that offered a 5% cashback from purchases at one of the Carlo-affiliated shops in Monaco.
The engineer-turned-entrepreneur has always been motivated to build bridges for small and traditional businesses to digitally integrate and grow. Before Carlo, Antoine co-founded a payment application for the restaurant sector in Barcelona. “Entrepreneurship is a journey filled with ups and downs. It requires resilience and unwavering belief in the value you’re creating.”
Launched in July 2019, Carlo now works with 680 businesses, about 80% of all merchants in Monaco, according to Antoine, and can be downloaded from the App store. “We’ve also built a thriving community of approximately 80,000 users, including residents and those who interact regularly with Monaco. Over time, Carlo has evolved into a full-fledged payment solution for the principality, distinguished by its innovative closed-loop cashback program.”
Antoine admits one of the most meaningful moments of his career came when he onboarded merchants in Monaco he used to visit as a child. “Seeing those businesses join Carlo made me feel we were truly making an impact. Another unforgettable moment was the first time overhearing someone at a nearby table at the restaurant ask to pay with Carlo. Hearing them talk about it made me realise that the app had become part of daily life for many people.”
Antoine says the growth of the free Carlo App has been fuelled in large part by a strong partnership with the government of Monaco, which began after the Covid pandemic to support local merchants. “This collaboration has continued because Carlo has proven to be an effective tool for the government to boost local commerce and generate TVA.”
The government has argued recently that it is impossible to quantify how much TVA is generated by Carlo purchases that would not have occurred otherwise. “While it’s challenging to calculate the exact amount of TVA Carlo generates, we have several strong indicators,” Antoine highlights. “For instance, a survey we conducted with over 4,000 responses revealed that 50% of users’ shopping and 35% of their dining through Carlo would have taken place elsewhere – online or outside Monaco – if Carlo didn’t exist. Using these insights, we can estimate the new TVA Carlo has helped generate in Monaco, and the results indicate that the more likely scenario is a net positive outcome for the government.”
He also emphasises that the government’s support is directed at merchants, not Carlo. “We are the service provider delivering a payment and loyalty solution under the terms of a contract designed to benefit the local economy.”
The government of Monaco is currently debating whether to change the way in which the 8.6% Carlo platform fee is shared. At present, 1% is paid by the affiliated retailer while the State covers 7.6%, for a reported total of €10 million a year. It envisions that in 2025, the cost to retailers could rise to 3.6% with a possible cap on monthly spending.
Antoine remains confident in the government’s commitment to this partnership. “The collaboration has been a clear success, uniting merchants and consumers on one platform and fostering a vibrant local economy. That said, this is a new government, and it’s natural to review ongoing projects and explore ways to optimize them. On our side, we’re fully committed to working hand-in-hand with the government to find solutions that enhance the project while keeping the mission’s core values intact for the benefit of local merchants.”
For Antoine, the biggest challenge has been navigating the company through different phases of growth and external changes. “Challenges are also what drive us forward. They push us to learn, adapt, and create new features and solutions that keep Carlo innovative and relevant.”
Recently, Carlo introduced a new payment opportunity in Monaco for users to make donations directly to associations. “With thousands of users already accustomed to using the app for payments, this was a natural extension of our platform’s functionality,” Antoine states.
“Associations have been requesting an easy and digital payment solution for some time, and we’re thrilled to now provide one. Users can select their preferred association from a list of participating organisations and donate seamlessly without using or earning cashback, which remains exclusively dedicated to supporting local commerce.”
This initiative is already off to a great start. “We’re proud to have partnered with the Princess Charlene Foundation and the Rotary Club of Monaco for this launch, and we look forward to helping more associations streamline their fundraising efforts.”
Antoine also took the model beyond Monaco in 2023. “We successfully launched Carlo in Aix-en-Provence, where we now partner with more than 200 merchants. Most recently, in October 2024, we expanded to Bordeaux, where we’ve already onboarded 50 merchants. We’re excited to replicate and adapt this Monaco-born innovation in new markets.”
Now a team of 16 people, the company is also launching a white-label version of its payment solution, opening up opportunities for other industries like hotel groups, ski resorts, or any organization with a closed-loop network. “This is an exciting step as it allows us to extend the impact of Carlo’s technology to new sectors and geographies.”
In parallel to developing Carlo, Antoine has co-founded Maliz.ai, an AI solution focused on data sovereignty that allows companies to deploy AI tools on their own servers, giving them full control and protection over their data. “With Maliz.ai, organisations can create chatbots or other AI-powered solutions hosted within their own environment, ensuring security and transparency,” Antoine explains.
“We’re particularly focused on serving Monaco, where there’s a clear need for independent AI solutions that align with the principality’s emphasis on privacy and trust. Our mission is to empower companies in Monaco with cutting-edge, locally hosted AI tools that combine innovation with data security.”
Article first published on February 16, 2025. Feature photo by Nancy Heslin. Article photos courtesy of Carlo App.