Kulipa, a Paris-based stablecoin card issuing infrastructure company, 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 technology that allows fintech platforms to issue payment cards funded directly from stablecoin balances for everyday spending. The new funding will be used to expand Kulipa’s regulated issuing capabilities across Europe, Latin America, and Africa.
Addressing a Market Gap
While stablecoins are now handling more than $300 billion in daily settlement volume, the infrastructure needed to convert that activity into regulated payment products is still underdeveloped. Many existing setups depend on prefunded accounts, fragmented licensing structures, and region-specific workarounds that can make scaling expensive and operationally complex. Kulipa says its platform is designed to reduce those constraints by enabling onchain balance verification and settlement while lowering reliance on heavy collateral requirements.
The company’s system supports both quicker prefunded launches and more integrated wallet-native payment programs, giving fintech clients flexibility depending on their compliance and product needs. Cards issued through Kulipa can be used anywhere major payment networks are accepted, including at retail locations and cash machines. Kulipa also says it takes on fraud liability for the programs it supports, a feature that may reduce risk and administrative burden for its partners.
Expansion and Commercial Momentum
Kulipa said it currently operates with regulated issuing coverage across the European Union, Argentina, and Nigeria, while pursuing expansion into the United States through BIN sponsorship arrangements. The company describes this as a local-first compliance model designed to align with card scheme rules and shifting regulatory expectations in different regions. That footprint is likely to be central to its pitch as fintech companies seek global scale without stepping outside established financial frameworks.
Since launching its infrastructure in February 2025, Kulipa says it has issued more than 120,000 cards and signed 20 customers. The company also reported 70% month-over-month transaction volume growth, pointing to rising demand from fintech firms and wallet providers looking to embed stablecoin spending into mainstream financial products. Named customers include Flutterwave, Solflare, nSave, and Ready, suggesting interest from both established payment players and crypto-native platforms.
Leadership and Investor Backing
Kulipa was founded in 2023 by a team with experience across payments, engineering, go-to-market strategy, and compliance. Chief executive Axel Cateland previously worked on global Apple Pay and Google Pay rollouts at Mastercard, while co-founder and CTO Michael Shynar held infrastructure roles at WhatsApp and Google. The wider leadership group also includes executives with prior experience at Binance, Nickel Bank, and Klarna, giving the startup credentials in both regulated finance and digital commerce.
Investors backing the round are framing the company as part of a broader shift in how stablecoins are used. Flourish Ventures said the opportunity lies in moving stablecoins beyond cross-border settlement and into ordinary financial services, while 1kx argued that widespread adoption depends on making digital balances as easy to spend as traditional money. Customer endorsements from Flutterwave and Ready echoed that view, emphasizing the appeal of compliant card programs that extend stablecoin utility into everyday payments.
With this latest financing, Kulipa’s total funding has reached $9.2 million, giving it more resources to scale its platform and regulatory reach. The company is betting that the next stage of stablecoin adoption will depend less on trading activity and more on whether businesses can embed those assets into familiar payment tools such as cards. If that thesis proves correct, Kulipa could become an important infrastructure provider for fintech platforms seeking to operate across both onchain and conventional financial systems.