Kulipa, a Paris-based card issuing infrastructure startup built around stablecoins, raised $6.2mn in seed funding. Flourish Ventures and 1kx co-led the round. White Star Capital and Fabric Ventures also joined.
Stablecoins have surged over the past year and now settle more than $300bn a day. Even so, they still account for a small slice of global payment flows, according to Kulipa.
The company says one reason is pretty straightforward. The infrastructure linking onchain settlement with regulated card networks stays fragmented, expensive, and boxed in by prefunded models and local licence limits.
Kulipa built its platform to close that gap. The company offers stablecoin-native issuing infrastructure aimed at capital efficiency, cleaner compliance, and international reach.
Partners use it to launch payment programmes funded directly from stablecoin balances. The setup supports quick prefunded launches, plus deeper wallet-native integrations.
By verifying balances and initiating settlement onchain, Kulipa says it cuts dependence on collateral-heavy prefunding. It also gives partners a way to scale with less capital drag.
Cards issued through the platform work anywhere major card networks are accepted, including retail checkouts and ATM withdrawals. Kulipa also takes on fraud liability across issued programmes.
The company runs a local-first issuing model with regulated coverage across the European Union, Argentina, and Nigeria. US expansion is already in progress through BIN sponsorship.
Since launching its infrastructure in February 2025, Kulipa has issued more than 120,000 cards and signed 20 customers. Its client roster includes Flutterwave, Solflare, nSave, and Ready.
Chief executive Axel Cateland said stablecoins have already shown their value as a settlement rail, though everyday financial products still sit in an early stage.
Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early.
Kulipa CEO Axel Cateland
He said card issuing forms the link between onchain balances and real-world payments. Kulipa built its platform, he said, to give regulated fintechs compliant and capital-efficient infrastructure for global operations.
“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,” says Axel Cateland, who previously led global Apple Pay and Google Pay deployments at Mastercard.
