binarypublish- Bitcoin and cashback rewards startup, Lolli, has closed an $8 million Series B financing round.
- The funds will be used to develop the firm’s Card Boost programme and expand its patented multi-currency rewards offering to its enterprise partners.
Described as a “leading onramp into crypto”, Lolli offers an innovative platform that provides shoppers with Bitcoin or cashback rewards on their purchases at over 25,000 retail stores, including major brands like Ulta Beauty, Groupon, and Booking.com. The platform, accessible via a mobile app, website, or browser extension, allows customers to earn up to 30% back on purchases, with an average of 7% back.
The recent financing round was led by BITKRAFT Ventures, and included participation from a wide array of investors, such as Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, Newman Capital, 2 Punks Capital, MZ Web3 Fund, Digital Currency Group, Company Ventures, among others.
Celebrating the successful fundraise, Lolli CEO and Founder, Alex Adelman, expressed his excitement stating the financing will enable Lolli to leverage the current growth in the Bitcoin ecosystem and introduce Bitcoin to an even larger audience through gamified earning experiences.
A noteworthy supporter of Lolli’s mission is investor and beauty entrepreneur Michelle Phan. She emphasized that the platform is an excellent entry point into Bitcoin for beginners. By shopping through Lolli, consumers can get their first piece of a Bitcoin by making regular purchases, thereby making their journey into Bitcoin less intimidating.
The raised funds will be channeled towards the expansion of Lolli, including developing its Card Boost programme launched in 2022. This feature allows shoppers to link their credit or debit card to the platform and earn Bitcoin and cashback rewards in-store. Furthermore, the company will focus on bringing its multi-currency rewards offering to its enterprise partners, including neobanks, exchanges, payment companies, search engines, and card networks. These partners will gain access to Lolli’s extensive network of retailers and Fortune 500 companies and have the opportunity to enhance their own customer rewards experiences using Lolli’s exclusive rewards offerings.
