Paris-based startup Kulipa has raised $6.2 million in seed funding to expand its stablecoin-based payment infrastructure. The round, co-led by Flourish Ventures and 1kx, will support the company’s growth across Africa, Europe, and Latin America.
Stablecoins are gaining traction globally, with Sub-Saharan Africa leading the charge. Between 2024 and 2025, the region processed over $200 billion in on-chain transactions, 43% of which involved stablecoins. Despite this growth, stablecoins still represent a small fraction of overall payment flows.
Bridging the Gap Between Crypto and Traditional Payments
Kulipa aims to bridge the gap between on-chain settlement and traditional payment networks. The platform enables businesses to issue payment cards funded directly from stablecoin balances, allowing users to spend their digital assets in the real world.
The company’s infrastructure is designed for capital efficiency, compliance, and global scalability. By verifying balances and triggering settlement on-chain, Kulipa reduces the need for collateral-heavy prefunding, enabling partners to scale sustainably.
Regulatory Compliance and Global Reach
Kulipa operates a local-first issuing model, with regulated coverage across the European Union, Argentina, and Nigeria. The company is also expanding into the United States through BIN sponsorship, ensuring compliance with evolving regulatory expectations.
Since launching in February 2025, Kulipa has issued over 120,000 cards and signed 20 customers, including Flutterwave, Solflare, nSave, and Ready.
Card Issuance and Fraud Liability
Kulipa-issued cards can be used for retail payments and ATM withdrawals wherever major card networks are accepted. The company assumes fraud liability for its issued programs, reducing operational burdens for fintech partners.
Leadership and Expertise
Kulipa was founded in 2023 by a team with extensive experience in payments, compliance, and technology. Axel Cateland, the company’s CEO, previously led global Apple Pay and Google Pay deployments at Mastercard.
The team also includes Michael Shynar, CTO, who built commerce infrastructure at WhatsApp and spent nearly a decade as a staff engineer at Google. Benoit Roger, Head of Compliance, brings regulatory expertise from Binance and Nickel Bank, while Josephine Soublin, Head of GTM, led Klarna’s launch in France.
Investor Confidence and Future Outlook
Investors are confident in Kulipa’s potential to reshape the payments environment. Ameya Upadhyay, General Partner at Flourish Ventures, notes that stablecoins are moving beyond cross-border settlement, becoming part of real financial infrastructure. Christopher Heymann, Founding Partner at 1kx, emphasizes the importance of making stablecoin spending as easy as traditional fiat transactions.
With the new funding, Kulipa aims to make stablecoin-based spending as seamless and globally accepted as traditional card payments. The company’s total funding now stands at $9.2 million, positioning it for continued growth and innovation in the rapidly evolving fintech space.
