Lolli pockets $8M to fast-track crypto adoption, says Retail Tech.

Bitcoin and cashback rewards startup, Lolli, has secured $8 million in a Series B funding round, aiming to boost crypto adoption. The round was led by BITKRAFT Ventures and included participation from enterprises like Ulta Beauty’s Prisma Ventures and Hypersphere Ventures, among others. The firm plans to employ the funds to expand its business, extending its patented multi-currency rewards offering to enterprise partners and further developing its Card Boost programme, which permits shoppers to link a credit or debit card and earn in-store Bitcoin and cashback rewards.

• Lolli secured $8 million in Series B funding round led by BITKRAFT Ventures.
• The firm aims to leverage the funding to expand its business and enhance its Card Boost programme.
• Lolli allows shoppers to earn Bitcoin or cashback rewards on purchases at over 25,000 stores.

Lolli’s CEO and founder, Alex Adelman, recognized the importance of this fundraising in accelerating the firm’s growth. Adelman pointed out the potential of Lolli’s platform to gamify earning experiences and simplify the process of learning about and owning crypto assets, expecting to bring Bitcoin to more people. With Bitcoin’s price experiencing an upward surge, users’ rewards also increase in value.

Lolli was founded in 2018, focusing on offering Bitcoin and cashback rewards to shoppers. Users can employ Lolli’s mobile app, website, or browser extension to receive up to 30% back on their purchases at over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com, with an average of 7% back.

The firm’s fundraise will also contribute to the development of its Card Boost programme, launched in 2022. This scheme permits shoppers to link a credit or debit card and earn Bitcoin and cashback rewards in-store.

Besides, the funding will be employed to extend Lolli’s multi-currency rewards offering to enterprise partners like neobanks, exchanges, payment companies, and search engines. These partners can access Lolli’s rewards network, which consists of various retailers and Fortune 500 companies, and use Lolli’s exclusive rewards offering to power their branded rewards experiences.