binarypublish- Lolli, a Bitcoin and cashback rewards startup, has raised $8m in a series B funding round
- The firm will use the proceeds to expand and bring its multi-currency rewards offering to enterprise partners
Lolli, a company that provides Bitcoin and cashback rewards, has announced an $8 million Series B funding round. The round was led by BITKRAFT Ventures, with participation from a number of investors including, Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Newman Capital, 2 Punks Capital, Digital Currency Group, The Spartan Group, and Wagmi Ventures. Past investors such as Seven Seven Six, Founders Fund’s Pathfinder Ventures, and Bain Capital Ventures also participated.
CEO and Founder at Lolli, Alex Adelman, stated, “As Bitcoin’s price continues to surge and our users’ rewards go up in value, we are excited to use this growth and excitement in the ecosystem to bring Bitcoin to even more people through gamified earning experiences.” He expressed that the firm will continue its commitment to build an industry-leading product and promote cryptocurrency learning and ownership with Lolli.
Carlos Pereira, Partner at BITKRAFT Ventures, voiced his belief in Lolli’s mission which is to leverage financial gamification and rewards to accelerate crypto adoption. He added that Lolli’s extensive merchant partnerships, engaging user experience, and industry leading technology places it in a unique position to transform how people earn, understand, and own digital assets.
The startup plans to use the funds to expand the company and extend its patented multi-currency rewards offering to enterprise partners which include neobanks, exchanges, payment companies, search engines, and card networks. These partners will gain the ability to power their branded rewards experiences using Lolli’s exclusive rewards offering. The funds will also contribute to the development of Lolli’s Card Boost program that allows shoppers to link a credit or debit card to earn Bitcoin and cash back rewards in-store.
Since its establishment in 2018, Lolli has been offering shoppers Bitcoin or cash back rewards on their everyday purchases at over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com. It allows shoppers to earn up to 30% back, with an average of 7% back, through its mobile app, website, or browser extension.
