Lolli

Market position

Lolli describes itself as the leading bitcoin and cashback rewards company and the first bitcoin rewards application. CNBC noted in 2021 that Lolli remained small relative to conventional cash-back players—roughly 250,000 users versus Rakuten's cited 1.4 billion—but that it was among the most dominant crypto rewards apps in terms of funding, partners and users relative to competitors such as Fold, BitcoinRewards, CoinRebates and Pei.

Lolli describes itself as the first/original bitcoin rewards platform, combining an extensive merchant network with the ability to pay rewards in either bitcoin or cash, and holds a patent on its multi-currency rewards offering. Investors cite its consumer-shopping entry point as a low-barrier, low-risk way for first-time owners to acquire bitcoin without buying it directly, and the company also points to a privacy stance of not tracking users or selling data. Its Card Boost card-linking feature extends rewards to in-store spending.

Technology

Lolli's product surface consists of a browser extension for Chrome, Firefox, Edge and Safari, a website, and iOS/Android apps. Underlying technology includes affiliate tracking across a large merchant network, conversion of dollar-denominated merchant commissions into bitcoin, custody of rewards for users who lack their own wallet, a card-linking system (Card Boost) for in-store earning, and a patented multi-currency rewards capability. The Android app added an SDK-style integration with third-party mobile game partners for play-to-earn rewards.

Go-to-market

Distribution is direct-to-consumer through a browser extension, website and mobile apps on the App Store and Google Play, supported by merchant partnerships and by heavy use of creator and celebrity investors as amplifiers—Logan Paul, Chantel Jeffries, Lauren Riihimaki (LaurDIY), Kenny Beecham, Baron Davis, Cody Ko, Casey Neistat, Michelle Phan, MrBeast's Night Media and Animal Capital. Adelman has said aligning with top creators is intended to educate and distribute bitcoin to a mass audience. Lolli also maintains consumer channels on X, YouTube, Instagram, TikTok, Facebook and Discord, and as of 2023 was pursuing a B2B channel supplying white-label rewards to enterprise partners.

Everyday online and in-store shoppers, with an emphasis on consumers new to bitcoin—Adelman said about half of users were completely new to bitcoin—and on younger, creator-influenced audiences. The 2023 Series B added enterprise customers such as neobanks, exchanges, payment companies, search engines and card networks as targets for white-label rewards.

Geography

Lolli is described in company press releases as based in New York, NY; earlier coverage describes it as North Carolina-headquartered (Durham, NC). The Google Play developer listing gives an Atlanta, GA mailing address for Lolli Holdings. The 2021 Series A was intended in part to fund international expansion.

History

Adelman and Senter previously built Cosmic, an e-commerce gateway acquired by PopSugar in 2015 and subsequently by Ebates/Rakuten in 2017; Adelman remained CEO through both transactions. Adelman left Cosmic in 2018 and launched Lolli with Senter the same year. Lolli raised a $5 million pre-Series A announced March 24, 2021 (led by Seven Seven Six, with Serena Ventures and creator investors), a $10 million Series A announced July 28, 2021 led by Acrew Capital, and an $8 million Series B announced December 14, 2023 led by BITKRAFT Ventures. The product expanded from a browser extension to a full mobile shopping app (2021), the in-store Card Boost card-linked program (2022), and, by 2026, a play-to-earn Arcade and Daily Stack rewards format in the mobile app.

Risks & controversies

The Google Play listing states that withdrawals of user rewards were paused pending an infrastructure migration, with an expected return in October. CNBC coverage noted that most fintech experts view bitcoin as volatile and speculative and cited common criticisms including risk, fraud susceptibility, potential government bans and carbon footprint, positions Adelman disputes. Company descriptions of merchant counts vary across sources and dates (1,000+, 25,000+, 50,000+), and headquarters is described variously as New York, NY, Durham/North Carolina, and an Atlanta, GA mailing address.