Seed round co-led by Flourish Ventures and 1kx will expand regulated issuing capabilities across Europe, Latin America, and Africa
Kulipa, a Paris-based stablecoin card issuing infrastructure platform, has raised $6.2 million in seed funding co-led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures.
The company provides fintech platforms—including payroll, cross-border payments, digital banking, and spend management solutions—with the ability to issue globally accepted payment cards funded directly from stablecoins, bridging the gap between onchain settlement and real-world payments.
Growing Demand for Stablecoin Payment Infrastructure
Stablecoins now settle more than $300 billion daily, yet their share in global payment flows remains relatively small. One of the main challenges is the lack of efficient infrastructure connecting onchain settlement systems with regulated card networks.
Existing solutions are often fragmented, capital-intensive, and dependent on prefunded structures and region-specific licenses. As regulatory clarity improves worldwide, fintech companies increasingly require compliant, scalable issuing infrastructure to convert stablecoin balances into usable financial products.
Kulipa’s Solution: Scalable, Compliant Stablecoin Card Issuing
Kulipa addresses this gap with a stablecoin-native issuing platform built for:
- Capital efficiency
- Regulatory compliance
- Global scalability
The platform enables fintech partners to launch payment programs funded directly from stablecoin balances, supporting both:
- Rapid prefunded deployments
- Deep wallet-native integrations
By verifying balances and settling transactions onchain, Kulipa reduces reliance on collateral-heavy prefunding models and enables more sustainable scaling.
Cards issued via Kulipa can be used anywhere major card networks are accepted, including:
- Retail payments
- ATM withdrawals
Additionally, Kulipa assumes fraud liability, removing a key operational burden for fintech partners and aligning incentives for long-term performance.
Founder Perspective on Stablecoin Adoption
“Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early,” said Axel Cateland, Founder and CEO of Kulipa.
“Card issuance is the bridge between onchain balances and real-world payments. We built Kulipa to give regulated fintech platforms the compliant, capital-efficient infrastructure they need to operate at global scale.”
Regulatory Expansion Across Key Markets
Kulipa operates a local-first issuing model with regulated coverage across:
- European Union
- Argentina
- Nigeria
The company is also expanding into the United States via BIN sponsorship, aligning with issuer scheme requirements and evolving global regulatory standards.
Rapid Growth and Market Adoption
Since launching in February 2025, Kulipa has achieved strong traction:
- 120,000+ cards issued
- 20 fintech customers onboarded
- 70% month-over-month transaction growth
Notable partners include Flutterwave, Solflare, nSave, and Ready.
Industry Adoption and Partner Quotes
“At Flutterwave, we’re focused on building payment infrastructure that works across markets at scale. As stablecoins become a more practical settlement option, it’s important that businesses can turn those balances into real-world spending,” said Olugbenga Agboola, Founder & CEO of Flutterwave.
“Partnering with Kulipa allows us to extend stablecoin value into globally accepted payments in a compliant, scalable way.”
“Kulipa has enabled Ready to become an onchain alternative to banks,” said Itamar Lesuisse, CEO of Ready.
“With their infrastructure, we can issue globally accepted cards directly from stablecoin balances, giving our users seamless access to everyday spending in a compliant and scalable way.”
Experienced Leadership Team
Founded in 2023, Kulipa’s leadership team brings deep expertise in payments, compliance, and global financial infrastructure:
- CEO Axel Cateland previously led global Apple Pay and Google Pay deployments at Mastercard
- CTO Michael Shynar built commerce infrastructure at WhatsApp and worked nearly a decade at Google
- Head of Compliance Benoit Roger brings experience from Binance and Nickel Bank (BNP Paribas)
- Head of GTM Josephine Soublin previously led Klarna’s launch in France
Investor Perspective on Stablecoin Infrastructure
“We’re seeing stablecoins moving beyond cross-border settlement and becoming part of real financial infrastructure,” said Ameya Upadhyay, General Partner, Flourish Ventures.
“The missing piece has been compliant, scalable card issuance. Kulipa fills that gap by combining capital efficiency with multi-region regulatory coverage, enabling fintech platforms to bring stablecoin settlement into everyday payments.”
1kx Founding Partner Christopher Heymann added:
“Stablecoins are reshaping how money moves globally, but for mainstream adoption, people need to spend them as easily as they spend fiat. Kulipa meets users where they already are, starting with the card in their wallet, and gives businesses a turnkey way to offer that experience. We believe this payments layer is critical infrastructure for the next phase of crypto adoption.”
Funding and Future Outlook
With this latest round, Kulipa’s total funding reaches $9.2 million.
As stablecoins continue to evolve into a mainstream settlement layer, the company aims to make stablecoin spending as seamless and widely accepted as traditional card payments, enabling fintech platforms to operate as fully integrated, onchain-enabled financial institutions.
About Kulipa
Kulipa is a stablecoin-native card issuing infrastructure platform that enables wallets and fintech companies to launch white-label payment cards.
Users can spend stablecoins anywhere Visa and Mastercard are accepted, without top-ups or off-ramps. Kulipa’s onchain settlement model keeps funds onchain as long as possible, reducing prefunding requirements and removing operational complexity.
The company operates a compliance-first, local-first model with regulated coverage across Europe, Latin America, Nigeria, and expansion into the United States.
About Flourish Ventures
Flourish Ventures is an $850 million global early-stage venture firm investing in fintech companies that improve financial systems, expand access, and lower costs. Its portfolio includes over 100 companies across developed and emerging markets, including unicorns and high-growth startups.
About 1kx
1kx is a research-driven global investment firm focused on blockchain innovation. Founded in 2018, the firm invests in high-impact technologies shaping the future of finance and the broader digital economy, supporting over 150 startups worldwide.
Photo credit: Kulipa.
