Kulipa Raises $6.2 Million in Seed Funding to Scale Stablecoin Payment Card Infrastructure
Paris-based stablecoin card issuing infrastructure provider, Kulipa, has successfully raised $6.2 million in a seed funding round. The investment was co-led by Flourish Ventures and 1kx, with additional support from White Star Capital and Fabric Ventures. This capital injection will fuel the company's ambitious plans to expand its regulated card issuing capabilities across key regions including Africa, Europe, and Latin America.
Bridging the Gap Between Stablecoins and Real-World Payments
Stablecoin adoption is accelerating globally, with Africa emerging as a particularly significant market, notably in countries like Nigeria. Despite this growth, stablecoins still represent only a small fraction of overall payment flows. This limitation is largely due to fragmented and capital-intensive infrastructure that struggles to connect blockchain-based settlements with traditional card networks.
Kulipa aims to address this challenge through its stablecoin-native issuing platform. The infrastructure allows fintech platforms to issue globally accepted payment cards that are funded directly from stablecoin balances. By doing so, Kulipa enhances capital efficiency, streamlines compliance processes, and supports scalable deployment across multiple regions.
Expanding Use Cases and Operational Efficiency
The platform supports a diverse range of applications, including payroll systems, cross-border payments, digital banking services, and spend management tools. A key feature of Kulipa's offering is its ability to reduce reliance on prefunding by verifying balances and settling transactions onchain. Additionally, the company assumes fraud liability for issued cards, which significantly eases operational burdens for its partners.
Founder and CEO Axel Cateland emphasized the company's mission to make stablecoins usable in everyday financial transactions. He described card issuance as a critical link between digital asset balances and real-world payments, noting that Kulipa's infrastructure is specifically designed to help regulated fintechs scale their operations globally.
Current Operations and Growth Metrics
Kulipa currently operates with a local-first issuing model, boasting regulatory coverage in the European Union, Argentina, and Nigeria. The company has active plans to expand into the United States. Since its launch in February 2025, Kulipa has issued over 120,000 cards and onboarded 20 clients, including prominent names such as Flutterwave, Solflare, nSave, and Ready.
The company has demonstrated impressive growth, with a 70 percent month-on-month increase in transaction volumes. This surge reflects the rising demand for stablecoin-powered financial products in the market.
Partnerships and Investor Perspectives
Olugbenga Agboola, Chief Executive Officer of Flutterwave, highlighted that the partnership with Kulipa will enable businesses to seamlessly convert stablecoin balances into globally accepted payments. Similarly, Ready CEO Itamar Lesuisse praised the platform for allowing users to spend stablecoins effortlessly through card-based transactions.
Investors have expressed strong confidence in Kulipa's approach to addressing infrastructure gaps in digital payments. Ameya Upadhyay of Flourish Ventures pointed out the necessity for compliant and scalable card issuance to support broader adoption of stablecoins. Christopher Heymann from 1kx emphasized the importance of making stablecoins as easy to spend as traditional currencies, underscoring the transformative potential of Kulipa's technology.
Company Background and Leadership
Founded in 2023, Kulipa is led by a seasoned team with extensive experience across major global payment and technology firms, including Mastercard, Google, WhatsApp, and Klarna. This expertise positions the company well to innovate and scale in the rapidly evolving fintech landscape.
