Today: Jul 20, 2024

Lolli pockets $8M Series B, kickstarting crypto madness in retail.

7 months ago
  • Lolli, a Bitcoin and cashback rewards company, has secured $8 million in a Series B funding round aimed at accelerating crypto adoption.
  • The round was led by BITKRAFT Ventures, and saw participation from a wide array of investors, including Serena Ventures, Hypersphere Ventures, Digital Currency Group, and Company Ventures.
  • Funding will support expansion of Lolli’s patented multi-currency rewards offering to enterprise partners, as well as further development of its in-store Card Boost programme.
  • Lolli provides its users with Bitcoin or cashback rewards on purchases at over 25,000 stores, enabling them to earn up to 30% back, with an average of 7% back.

Lolli, a company that offers Bitcoin and cashback rewards to its users, has successfully completed a Series B funding round, raising $8 million. The round was led by BITKRAFT Ventures, and featured participation from multiple investors including Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Newman Capital, and digital entrepreneur Michelle Phan. Lolli CEO Alex Adelman has expressed his delight at the funding round’s completion, stating that this signals a new stage in the company’s growth.

This funding will be instrumental in facilitating the expansion of Lolli’s offerings. Particularly, the firm plans to extend its patented multi-currency rewards program to enterprise partners such as neobanks, exchanges, payment companies, search engines, and card networks. This will enable these partners to access Lolli’s rewards network of retailers and Fortune 500 companies and to cultivate their own branded rewards experiences with Lolli’s exclusive rewards offering.

Additionally, the funds will also contribute to the development of Lolli’s Card Boost programme, which was launched in 2022. This initiative allows users to link a credit or debit card to earn Bitcoin and cashback rewards in-store, broadening the options for customers to earn on their purchases.

Founded in 2018, Lolli offers Bitcoin or cashback rewards on everyday purchases at over 25,000 stores, which include Ulta Beauty, Groupon, and Booking.com. Customers can use Lolli’s mobile app, website, or browser extension to earn up to 30% back, with an average of 7% back.

Enabling more people to learn about and own Bitcoin through fun and engaging experiences is the central goal of Lolli, and this new funding positions the company well to continue its mission.