Why did we invest in Satsback? Because the simplest way to onboard the next wave of Bitcoiners is to pay them in sats for things they were already going to do. Founded in 2019 in Krakow by Tom Chojnacki, Satsback is a Bitcoin cashback platform that turns ordinary online shopping at thousands of stores into a steady drip of bitcoin paid out over the Lightning Network.

The mechanic is elegant. A user starts their purchase through Satsback, completes checkout at the merchant as normal, and a portion of the order value flows back to them in sats rather than airline points or store credit. By settling rewards over Lightning, Satsback can pay out small amounts cheaply and instantly, something that would be economically impossible on a card network or on-chain alone.

This is a textbook fit for the Fulgur thesis. We back companies that use Bitcoin and Lightning to do something that legacy rails simply cannot, and that put sats into the hands of users who otherwise would not seek them out. Satsback's model is also aligned with merchants, who get incremental traffic and conversion in exchange for a rewards budget paid out in a hard-money asset their customers want to hold.

E-commerce is a multi-trillion-dollar global market, and even a thin slice of cashback rerouted into bitcoin is a meaningful flywheel for adoption. We are proud partners with Satsback since 2020 and continue to believe that programs like this, low-friction, high-frequency, reward-driven, will be a major engine of the next decade of Bitcoin growth in Europe and beyond.