Today: Jul 20, 2024

Lolli nets 8M in Series B, turbocharging crypto through cashback.

7 months ago

Lolli, a Bitcoin and cashback rewards company, has raised $8 million in a Series B round which will go toward expanding the business and accelerating cryptocurrency adoption. Key points from the story include:

  • The funding round was led by BITKRAFT Ventures, and included participation from Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, and others.
  • The new funding will be used to bring Lolli’s patented multi-currency rewards offering to enterprise partners such as neobanks, exchanges, payment companies, search engines, and card networks. These partners will gain access to Lolli’s network of retailers and Fortune 500 companies and can power their own rewards programs with Lolli’s exclusive rewards offering.
  • The funds will also contribute to the development of Lolli’s Card Boost program, which lets shoppers link a debit or credit card to earn in-store Bitcoin and cashback rewards.

Alex Adelman, CEO and Founder of Lolli, expressed excitement about entering a new phase of growth, saying “As Bitcoin’s price continues to surge and our users’ rewards go up in value, we look forward to using this ongoing period of growth and excitement in the ecosystem to bring Bitcoin to even more people through gamified earning experiences.”

Michelle Phan, a well-known beauty entrepreneur and investor, who also participated in the fundraise, praised Lolli’s ease of use, stating, “With Lolli, shoppers simply make the purchases they were going to make anyway to earn rewards. You can get your first piece of a Bitcoin just by buying makeup, booking travel, or getting coffee.”

Founded in 2018, Lolli offers Bitcoin or cashback rewards to shoppers on their everyday purchases at over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com. The company’s mobile app, website, or browser extension allows users to earn up to 30% of their purchases back in rewards, with an average return of 7%.