Kulipa, a Paris-based stablecoin-native card issuing infrastructure platform, has raised $6.2 million in seed funding.
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The round was co-led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures.
Stablecoins have soared in popularity over the last year and now settle more than $300 billion daily. But, this still represents only a small share of global payment flows, says Kulipa, in part because the infrastructure connecting onchain settlement with regulated card networks remains fragmented and capital-intensive, often relying on prefunded structures and regionally limited licenses.
To address this gap, the startup has built a stablecoin-native issuing infrastructure designed for capital efficiency, seamless compliance, and global scale. The platform enables partners to launch payment programmes funded directly from stablecoin balances, supporting both rapid pre-funded deployments and deeper wallet-native integrations.
By verifying balances and triggering settlement onchain, Kulipa says it reduces reliance on collateral-heavy prefunding and enables partners to scale more sustainably. Cards issued through the platform can be used anywhere major card networks are accepted, including for retail payments and ATM withdrawals. In addition, Kulipa assumes fraud liability on issued programmes.
Kulipa operates a local-first issuing model with regulated coverage across the European Union, Argentina, and Nigeria, with US expansion underway through BIN sponsorship. Since launching its infrastructure in February 2025, the firm has issued more than 120,000 cards and signed 20 customers, including Flutterwave, Solflare, nSave, and Ready.
“Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early,” says Kulipa CEO Axel Cateland, who previously led global Apple Pay and Google Pay deployments at Mastercard.
“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.”
