Today: Jun 14, 2024

Lolli bags $8M Series B, pushing crypto adoption forth.

6 months ago
  • Bitcoin and cashback rewards startup, Lolli, has successfully closed an $8 million Series B funding round.
  • The funding round was led by BITKRAFT Ventures, with contributions from a number of venture capitalists and investors.
  • Lolli’s mission is to accelerate cryptocurrency adoption through financial gamification and rewards, providing Bitcoin rewards for everyday purchases at over 25,000 retail stores.
  • The fundraise will contribute to the expansion of the company, along with the development of Lolli’s Card Boost programme, which allows shoppers to link a credit or debit card in order to earn Bitcoin and cashback rewards in-store.

Bitcoin and cashback rewards company, Lolli, has closed an $8m Series B funding round to help accelerate the adoption of cryptocurrency, including Bitcoin. The funding round counted on the participation of an array of investors, such as BITKRAFT Ventures, Sfermion, Prisma Ventures, Hypersphere Ventures, and Newman Capital among others.

CEO and Founder at Lolli, Alex Adelman, expressed his excitement about the funding round and the company’s future growth phase. He highlighted the surge in Bitcoin’s price and the increase in user rewards, as well as his commitment to utilising this growth and excitement within the crypto ecosystem to expand Bitcoin availability via gamified earning experiences.

Carlos Pereira, Partner at BITKRAFT Ventures, stated his strong belief in Lolli’s mission to leverage financial gamification and rewards to accelerate crypto adoption. He reaffirmed their commitment to working with Lolli towards its continued growth as a leading onramp into crypto, citing its engaging user experience, extensive merchant partnerships, and industry-leading technology.

To achieve its milestones, the funds raised will be used to expand the company. This includes introducing Lolli’s patented multi-currency rewards offering to enterprise partners like neobanks, exchanges, payment companies, search engines, and card networks. These partners will be able to power their own branded rewards experiences via Lolli’s exclusive rewards offering.

Part of the funds will also go toward developing Lolli’s Card Boost programme, which was launched in 2022. This initiative allows shoppers to link their credit or debit cards to earn both Bitcoin and cashback rewards in-store.

Founded in 2018, Lolli already sees shoppers earn Bitcoin or cashback rewards on their everyday purchases at over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com through its mobile app, website, or browser extension.