Bitcoin rewards platform Lolli launched automatic cashback in bitcoin for users who connect their Visa or Mastercard debit and credit cards to the app, the company announced on May 19, 2026. The feature, built on a partnership with commerce media network Kard, requires no browser extensions, promo codes, or changes at checkout. For Lolli's 600,000-plus registered users, it is the platform's most significant product update since Thesis* acquired the company in July 2025. For readers in South Asia and sub-Saharan Africa, the headline is simpler: this feature is not available to you yet.

How It Works

Users link their cards through Plaid, an open banking platform, in under a minute. Once connected, eligible purchases at participating merchants automatically generate bitcoin deposits in the user's Lolli wallet. Kard's infrastructure matches card transactions to merchant offers using first-party transaction data, without sharing personal data with retailers. Current merchants in the network include Dropbox, Hydro Flask, and Stanley 1913, with more expected as Lolli builds out an offers browsing tab with category filters and local merchant discovery.

The rollout is phased. Phase 1 opened in March 2026 and covered card linking along with a 1,000 satoshi sign-up bonus, worth roughly $0.77 at current bitcoin prices near $77,000. Phase 2, now live, adds automated cashback, real-time notifications, and merchant browsing.

Company Background

Lolli has operated since 2018, originally as a browser extension rewarding online shoppers with bitcoin at partner retailers. The Durham-founded company raised more than $28 million across multiple funding rounds before Thesis* acquired it for an undisclosed sum in July 2025. The platform has distributed over $20 million in bitcoin rewards to users since its founding. Since the acquisition, the platform has moved quickly. In October 2025, Lolli acquired Slice, a browsing-rewards browser extension. In December 2025, it integrated Spark, a Lightning Network wallet SDK by Lightspark, enabling near-instant, self-custodial bitcoin withdrawals for users.

Thesis* CEO Matt Luongo explained the strategic rationale at the time of the Spark deal. He described the acquisition as an effort to make earning bitcoin simple, fun, and part of people's everyday lives, and said the Spark integration gives users "a real path into the Bitcoin economy with instant, self-custodial withdrawals."

Market Position

The crypto rewards card sector is expanding. InsightAce Analytic valued the global crypto credit card market at $2.10 billion in 2025 and projects growth to $12.68 billion by 2035. In January 2026, stablecoin card infrastructure provider Rain raised $250 million at a valuation approaching $2 billion, a clear signal of ongoing investor appetite for the category. Lolli competes with Fold (also a Thesis* portfolio company), Bybit's EU-focused bitcoin cashback card, Oobit, and others. Kard, its infrastructure partner, processes more than $10 billion in card transactions monthly and raised $15 million from Trinity Capital in October 2025.

What This Means Outside the United States

The US-only restriction is the most consequential detail for Verse Press readers. Card linking depends on Plaid, whose open banking coverage is limited to US financial institutions. It does not extend to banks in India, Nigeria, Kenya, or Pakistan.

That restriction lands against striking numbers. India ranks first globally for crypto adoption with roughly 150 million users, according to the Chainalysis 2025 Global Crypto Adoption Index. Nigeria ranks second, with an estimated 27 to 30 million active crypto users projected by end of 2026. Sub-Saharan Africa received more than $205 billion in on-chain transaction value between July 2024 and June 2025, a 52% year-on-year increase, with stablecoin volumes up more than 180%.

Competitors are already moving into that demand. Bitget Wallet launched an 8% cashback crypto card in South Africa in May 2026, covering merchants including Pick 'n Pay, Shoprite, and Nando's, with Nigeria, Ghana, and Kenya listed as next targets. Oobit offers a comparable product in South Africa with up to 5% cashback and no foreign exchange fees.

For a Lolli-style product to reach South Asian or African markets, three structural barriers would need to fall: open banking rails comparable to Plaid (nascent in India via UPI and in Nigeria via NIBSS), regulatory clarity on bitcoin as a reward asset (India applies a flat 30% crypto tax; Nigeria's banking sector reopened to crypto only in late 2023), and a localised merchant network with cross-border coverage. Pakistan, also excluded from Plaid's coverage, presents an additional layer of uncertainty, as its regulatory status on bitcoin as a reward asset remains ambiguous.

What Comes Next

Thesis* listed international expansion as part of Lolli's roadmap at the time of the acquisition. Lolli co-founder Alex Adelman cited global adoption acceleration as a stated goal. No specific markets or timelines have been announced. The Lightning withdrawal layer Lolli built through Spark is worth watching closely in this context. Lightning is already in active use in Nigeria through apps like Bitnob and Speed Wallet, and in pockets of India. If Lolli eventually extends to these regions and routes cashback directly to self-custodial Lightning wallets, the product could intersect meaningfully with existing grassroots bitcoin infrastructure.