Kulipa, a Paris-based fintech infrastructure startup, has raised $6.2 million in seed funding to expand its stablecoin-powered card-issuing platform as demand grows for real-world applications of digital assets across emerging markets, including Africa.
The round was co-led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures, bringing Kulipa’s total funding to $9.2 million.
The company is positioning itself at the intersection of blockchain and traditional finance, offering fintech platforms the infrastructure to issue globally accepted payment cards funded directly from stablecoin balances.
The goal is to bridge the gap between on-chain settlement and everyday spending.
“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 on-chain balances and real-world payments.”
Stablecoin usage has surged globally, with billions of dollars settled daily. In Sub-Saharan Africa alone, over $200 billion in on-chain value was recorded between mid-2024 and mid-2025, with stablecoins accounting for a significant share of that activity.
Despite this growth, stablecoins still represent a small fraction of global payment flows. A major barrier has been the lack of efficient infrastructure linking blockchain-based funds to regulated card networks, which often rely on capital-heavy prefunding models and fragmented licensing systems.
Kulipa aims to solve this by offering a stablecoin-native issuing model that allows fintechs to launch payment cards without requiring users to convert digital assets into fiat before spending.
Kulipa’s expansion strategy includes key emerging markets, with regulated issuing coverage already in place in regions such as the European Union, Argentina, and Nigeria. The company is also working toward U.S. expansion.
Its client base includes major fintech players like Flutterwave, alongside Solflare, nSave, and Ready.
Through these partnerships, Kulipa is enabling platforms to integrate stablecoin settlement into services such as payroll, cross-border payments, digital banking, and spend management.
“At Flutterwave, we’re focused on building payment infrastructure that works across markets at scale,” said Olugbenga Agboola, CEO of Flutterwave. “Partnering with Kulipa allows us to extend stablecoin value into globally accepted payments in a compliant, scalable way.”
Since launching in February 2025, Kulipa says it has issued more than 120,000 cards and onboarded 20 customers. The company also reports a 70 percent month-on-month growth in transaction volume, which reflects increasing demand for stablecoin-linked financial products.
Kulipa’s platform allows users to spend stablecoins anywhere major card networks like Visa and Mastercard are accepted, including retail outlets and ATMs.
The company also takes on fraud liability for issued programs, reducing operational risks for its partners.
Investors bet on stablecoin utility
Investors say Kulipa is addressing a key missing piece in the evolution of digital assets from settlement tools to usable financial infrastructure.
“We’re seeing stablecoins moving beyond cross-border settlement and becoming part of real financial infrastructure,” said Ameya Upadhyay, general partner at Flourish Ventures. “The missing piece has been compliant, scalable card issuance.”
As regulatory clarity improves globally, Kulipa is betting that fintech platforms will increasingly seek compliant, capital-efficient ways to integrate stablecoins into everyday financial services.
With its latest funding, the company plans to expand its issuing capabilities across Europe, Latin America, and Africa, with an aim to make stablecoin-based payments as seamless as traditional card transactions.
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