According to a TechCrunch report, Lolli, a popular Bitcoin (BTC) and cashback rewards application has successfully raised $8 million in a Series B funding round.
The latest investment, led by BITKRAFT Ventures, will enable Lolli to expand its rewards program to enterprise partners such as exchanges, neobanks, banks, payment companies, and browsers.
Lolli’s Bitcoin Rewards App Flourishes
Per the report, Since its launch in 2018, Lolli has experienced significant growth, forming partnerships with over 25,000 stores. The application’s rewards program allows users to earn Bitcoin or cashback when making purchases either online or at physical retail establishments.
Notably, Lolli has set an ambitious target of expanding its network to over 100,000 participating stores by 2025.
Alex Adelman, co-founder and CEO of Lolli, expressed the company’s commitment to operational efficiency and proving the business model. Adelman stated:
We have historically raised the amount needed to win. We don’t take more money than we need to support our next phase of growth.
One of Lolli’s key features is Card Boosts, introduced last year, which allows users to add BTC rewards to their debit or credit cards. Adelman emphasized the substantial impact of this product, highlighting that users have earned over five times the rewards on daily purchases like coffee, gas, or groceries.
According to the report, this offering has contributed to a significant increase in active shoppers, with a year-over-year growth rate exceeding 35% as of October 2023.
BTC’s Surge Benefits Lolli User?
According to TechCrunch’s report, Lolli’s users have benefitted from Bitcoin’s volatility, as the value of their earned rewards has appreciated over time. Adelman noted that the earliest Lolli users who earned Bitcoin when it was around $3,000 have seen their rewards increase in worth by more than 10X today.
With BTC currently valued at over $42,000, the company anticipates continued value appreciation for its users.
Looking ahead, Lolli plans to capitalize on the growing crypto adoption and the positive momentum in the markets. The company intends to introduce new features, forge significant partnerships, and enhance financial education offerings in 2024.
Adelman emphasized the company’s mission to become a “comprehensive platform” for users to earn money multiple times a day, learn about Bitcoin, and participate in the ongoing crypto revolution.
As the demand for BTC rewards continues to grow, Lolli’s expansion into enterprise partnerships signals a significant step toward mainstream adoption. By enabling major corporations and financial institutions to offer Bitcoin rewards, Lolli aims to drive broader adoption of cryptocurrencies.
At the time of writing, BTC has risen 1% in the past 24 hours, pushing the largest cryptocurrency on the market past the $42,300 mark.
Featured image from Shutterstock, chart from TradingView.com