According to a report from TechCrunch, Lolli, a popular Bitcoin (BTC) and cashback rewards app, has successfully raised $8 million in a Series B funding round.
The latest investment, led by BITKRAFT Ventures, will allow Lolli to expand its rewards program to business partners such as exchanges, neobanks, banks, payments companies and browsers.
Lolli’s Bitcoin Rewards App Flourishes
According to the report, since its launch in 2018, Lolli has experienced significant growth, forming partnerships with more than 25 thousand stores. The app’s rewards program allows users to earn Bitcoin or cash back when shopping online or at physical retail establishments.
In particular, Lolli has set the ambitious goal of expanding its network to more than 100,000 participating stores by 2025.
Alex Adelman, co-founder and CEO of Lolli, expressed the company’s commitment to operational efficiency and business model demonstration. Adelman stated:
Historically, we raised the amount necessary to win. We do not accept more money than we need to support our next phase of growth.
One of Lolli’s key features is Card Boosts, launched last year, which allows users to add BTC rewards to their debit or credit cards. Adelman emphasized the substantial impact of this product, noting that users have earned more than five times more rewards on everyday purchases like coffee, gas or groceries.
According to the report, this offer contributed to a significant increase in active buyers, with an annual growth rate of over 35% in October 2023.
Does the increase in BTC benefit the Lolli user?
According to the TechCrunch report, Lolli users benefited from Bitcoin’s volatility as the value of rewards earned increased over time. Adelman noted that early Lolli users who earned Bitcoin when it was around $3,000 have seen their rewards value increase more than 10x today.
With BTC currently valued at over $42,000, the company anticipates continued appreciation in value for its users.
Looking ahead, Lolli plans to capitalize on the growing adoption of cryptocurrencies and positive momentum in the markets. The company intends to present new features, establish important partnerships and improve the financial education offering in 2024.
Adelman emphasized the company’s mission to become an “all-in-one platform” for users to earn money multiple times a day, learn about Bitcoin, and participate in the ongoing crypto revolution.
As demand for BTC rewards continues to grow, Lolli’s expansion into enterprise partnerships signals a significant step toward mainstream adoption. By enabling large corporations and financial institutions to offer Bitcoin rewards, Lolli aims to drive wider adoption of cryptocurrencies.
At the time of writing, BTC is up 1% in the last 24 hours, pushing the market’s largest cryptocurrency past the $42,300 mark.