Lolli, a bitcoin and cashback rewards application, has secured an $8 million Series B round to expand its rewards program to enterprise partners. The company plans to roll out its rewards program to various entities, including exchanges, neobanks, banks, payment companies, and browsers, using the fresh capital.
Key Takeaway
Lolli has raised $8 million in Series B funding to expand its bitcoin and cashback rewards program to enterprise partners, aiming to grow its user base and offer new features and partnerships in 2024.
Lolli’s Series B Funding and Expansion Plans
The Series B round, led by BITKRAFT Ventures, saw participation from Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, ZebPay’s CEO Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and other investors. Previous investors, such as Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Logan Paul, and MrBeast’s Night Media, also contributed to the funding.
Lolli, founded in 2018, has raised over $28 million in total. The app currently partners with over 25,000 stores and aims to expand this number to over 100,000 by 2025. It offers up to 30% back on purchases, with an average of 7% back in bitcoin or cashback rewards.
Lolli’s Growth and Product Offerings
Since its inception, Lolli has given over $10 million in bitcoin rewards, in addition to cashback rewards. Last year, the company introduced Card Boosts, allowing users to add bitcoin rewards to their debit or credit cards when they shop. This product has significantly contributed to user engagement, with active shoppers increasing by over 35% year-over-year as of October 2023.
Bitcoin Rewards and Market Impact
Lolli’s CEO, Alex Adelman, highlighted the value of earning bitcoin rewards, noting that early users have seen their rewards increase in worth by more than 10 times today. As the market anticipates a greater breakout from bitcoin’s recent rise, Lolli is preparing to introduce new ways for users to earn rewards and drive more revenue to partners.
Future Plans and Focus on Crypto Adoption
In 2024, Lolli aims to unveil new products, establish significant partnerships, and provide financial education to its users. The company is focused on becoming a holistic solution for users to earn money daily, multiple times a day, and to learn about and earn bitcoin as crypto adoption continues to rise.
