Paris-based stablecoin card issuing infrastructure provider, Kulipa, has raised $6.2 million in a seed funding round co-led by Flourish Ventures and 1kx, with additional backing from White Star Capital and Fabric Ventures.

The funding will support the company’s push to scale its regulated card issuing capabilities across Africa, Europe, and Latin America, enabling fintech platforms to turn stablecoin balances into real-world spending tools.
Stablecoin adoption continues to accelerate globally, particularly in Africa where countries like Nigeria are emerging as key markets.

Despite this growth, stablecoins still account for only a fraction of overall payment flows, largely due to fragmented and capital-intensive infrastructure linking blockchain-based settlements with traditional card networks.
Kulipa aims to bridge this gap through its stablecoin-native issuing platform, which allows fintechs to issue globally accepted payment cards funded directly from stablecoin balances.

The infrastructure is designed to improve capital efficiency, streamline compliance, and support scalable deployment across multiple regions.
The platform supports a wide range of use cases including payroll, cross-border payments, digital banking, and spend management.

It also reduces reliance on prefunding by verifying balances and settling transactions onchain, while assuming fraud liability on issued cards—easing operational burdens for partners.
Founder and CEO, Axel Cateland, said the company is focused on making stablecoins usable in everyday financial transactions.

He described card issuance as a critical link between digital asset balances and real-world payments, adding that Kulipa’s infrastructure is built to help regulated fintechs scale globally.
Kulipa currently operates a local-first issuing model with regulatory coverage spanning the European Union, Argentina, and Nigeria, with plans underway to expand into the United States.

Since launching in February 2025, the company has issued over 120,000 cards and onboarded 20 clients, including Flutterwave, Solflare, nSave, and Ready. It has also recorded a 70 percent month-on-month growth in transaction volumes, reflecting rising demand for stablecoin-powered financial products.

Chief Executive Officer, Flutterwave, Olugbenga Agboola, noted that the partnership with Kulipa will enable businesses to convert stablecoin balances into globally accepted payments, while Ready CEO, Itamar Lesuisse, said the platform allows users to spend stablecoins seamlessly through card-based transactions.
Investors say Kulipa is addressing a critical infrastructure gap in the evolution of digital payments.

Flourish Ventures’ Ameya Upadhyay highlighted the need for compliant and scalable card issuance to support broader adoption, while 1kx’s Christopher Heymann emphasized the importance of making stablecoins as easy to spend as traditional currencies.
Founded in 2023, Kulipa is led by a team with experience across major global payment and technology firms, including Mastercard, Google, WhatsApp, and Klarna.