Paris-based Kulipa has raised $6.2 million in a seed funding round as the stablecoin card issuing infrastructure platform looks to expand in the United States.

The round was co-led by Flourish Ventures and 1kx and included participation from White Star Capital and Fabric Ventures, Kulipa said Wednesday. The round closed last December and was structured as a simple agreement for future equity (SAFE), Kulipa founder and CEO Axel Cateland told The Block. He declined to share when the fundraising process began, tranche structure, valuation, and board seat details.

The seed round brings Kulipa's total funding to $9.2 million, following $3 million in pre-seed funding co-led by Fabric Ventures and White Star Capital in July 2024.

Founded in 2023, Kulipa helps enterprise clients, including fintech platforms and crypto wallets, issue white-label stablecoin payment cards while handling card operations itself.

"All the complexity behind the scenes —payment processing, fraud management, pre-fundings, and settlement — is handled by us," Cateland said. "The wallet just plugs in via API and controls the experience end-to-end. We’re essentially closing the last mile between stablecoins and everyday spending."

When asked how working with Kulipa is different from enterprises going directly to Visa or Mastercard, Cateland said the direct route requires companies to obtain their own principal membership in each region, which is a long, expensive, and operationally complex process, "typically out of reach for most fintechs and wallet providers." Kulipa removes that barrier, he said, allowing clients to go to market faster without managing card operations themselves.

Since launching its infrastructure in February 2025, Kulipa said it has issued more than 120,000 cards and signed 20 customers, including fintech firms Flutterwave and nSave, and crypto wallets Solflare and Ready (formerly Argent). Kulipa said it has seen 70% month-over-month growth in transaction volume, without sharing absolute figures.

U.S. expansion plans

Kulipa currently operates a local-first issuing model with coverage across the European Union, Argentina, and Nigeria. U.S. expansion is a top priority through a bank identification number (BIN) sponsorship, Cateland said, declining to name the sponsor due to confidentiality obligations.

"We're also continuing to broaden our global coverage, through our own licenses in LatAm [Latin America] and via partners across Africa," Cateland said.

Kulipa essentially aims to make stablecoin spending as easy as traditional payments. It generates revenue by charging clients for its services, along with standard interchange income, Cateland said.

"Our key competitive advantage is that by combining stablecoins and AI, we operate significantly more efficiently than traditional card issuers," he added.

Kulipa currently has a team of 20 and plans to grow to around 30 employees, mainly across go-to-market and customer success roles, Cateland said.

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