Lolli raises $8M Series B to expand its bitcoin and cashback rewards to enterprises

Lolli, a bitcoin and cashback rewards utility, has raised an $8 million Sequence B spherical, TechCrunch has completely discovered.

The corporate’s co-founder and CEO, Alex Adelman, mentioned the recent capital will probably be used to roll out Lolli’s rewards program to enterprise companions like exchanges, neobanks, banks, cost corporations and browsers.

To this point, Lolli has raised over $28 million. “We’ve traditionally raised the quantity wanted to win,” Adelman mentioned. “We don’t take more cash than we have to assist our subsequent section of development, and are very targeted on working effectively and proving out our enterprise mannequin.”

The Sequence B spherical was led by BITKRAFT Ventures, with participation from Sfermion, Ulta Magnificence’s Prisma Ventures, Hypersphere Ventures, ZebPay’s CEO Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund and others. Earlier buyers Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Logan Paul and MrBeast’s Night time Media additionally invested.

Since launching in 2018, the app has grown considerably and presently companions with greater than 25,000 shops. Its rewards program awards its customers with bitcoin or cashback once they store on-line or in particular person at eating places and shops. “Lolli is on observe to increase the variety of shops the place customers can store to over 100,000 by 2025,” Adelman mentioned.

The app provides as much as 30% again on purchases, with a median of seven% again in bitcoin or cashback rewards. Since its inception, Lolli has given over $10 million in bitcoin rewards, along with cashback rewards, Adelman mentioned.

Final yr, the corporate launched Card Boosts, which lets customers add bitcoin rewards to their debit or bank cards once they store. Adelman known as the product a “great growth-driver” that helped customers earn over 5 instances the rewards on each day purchases like espresso, gasoline or groceries. As of October 2023, Lolli’s lively buyers have elevated by greater than 35% year-over-year, he added.

“A lot of our customers know the worth of ‘incomes the dip’ and have seen the advantages of incomes bitcoin rewards with Lolli when the market is down,” Adelman mentioned.

This implies customers who earned rewards when bitcoin was at $20,000 or decrease at first of 2023 have seen the worth of their rewards double, on condition that bitcoin is over $40,000 at the moment. “The earliest Lolli customers who earned bitcoin when it was at round $3,000 have seen their rewards enhance in value by greater than 10X at the moment,” Adelman mentioned.

As market gamers anticipate a higher breakout from bitcoin rising over 12% on the month, Lolli can also be making ready by constructing new methods for customers to earn rewards. The corporate plans to make use of the momentum within the markets to “drive extra income to companions and produce extra main corporations into providing bitcoin rewards,” Adelman mentioned. In 2024, Lolli plans to roll out extra merchandise, “large partnerships” and monetary training, he added.

“We’re rising shortly, and over the following few months, we’ll be rolling out new options and service provider partnerships that we predict our customers will love,” Adelman mentioned. “As crypto adoption retains rising, we’re targeted on changing into a holistic resolution for our customers to earn cash daily, a number of instances a day, and to find out about and earn bitcoin.”