Kulipa
Kulipa is a Paris-based fintech that provides an API-first stablecoin card issuing, wallet, and virtual account infrastructure for fintechs, crypto wallets, neobanks, payroll providers, and remittance platforms, enabling them to launch Visa and Mastercard-branded payment products funded by USDC without prefunded collateral.
- Company typePrivate
- Founded2024
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Kulipa does
Kulipa is a Paris-based fintech founded in 2023-2024 that provides a stablecoin-native card issuing and payments infrastructure platform for fintechs, crypto wallets, neobanks, payroll providers, spend management platforms, and remittance companies. The platform combines three core products - Global Card Issuance (branded Visa and Mastercard physical and virtual cards settled in stablecoins), Embedded Wallet Infrastructure (bank-account-style UX backed by stablecoin rails), and White-labelled Virtual Accounts (fiat-to-stablecoin conversion across 210+ countries) - exposed through a single developer-facing REST API and wrapped by a Regulatory and Compliance Shield covering KYC, KYB, AML, and VASP licensing on behalf of clients.
The underlying technology converts USDC 1:1 to USD and then to applicable fiat at Mastercard FX rates, settles on-chain across EVM chains, L2 networks, and Solana, and operates a true self-custodial architecture that requires zero pre-funding collateral, distinguishing it from prefunded or collateralized card-issuing models. Kulipa integrates with Visa and Mastercard networks (cards accepted at 150M+ merchants), supports Apple Pay and Google Pay tokenization, and uses zero-knowledge technology from Starknet to secure on-chain settlement. The company holds regulated card-issuing coverage in the EU, Argentina, and Nigeria, with US expansion underway via BIN sponsorship, and is a member of Mastercard's Start Path Blockchain and Digital Assets program and the Mastercard Crypto Partner Program.
Kulipa makes money through three streams: (1) interchange revenue on card transactions routed through Visa and Mastercard, shared with its wallet and fintech partners; (2) recurring API/platform subscription fees from fintech clients for white-label issuing-as-a-service; and (3) capital-efficient FX and settlement margin on stablecoin-to-fiat conversion, replacing prefunded local accounts across 100+ countries. Its go-to-market is hybrid: a sales-led motion led by a dedicated Head of Sales targeting mid-market and enterprise fintechs, paired with API-first self-serve developer onboarding (kulipa.readme.io) and white-label OEM distribution through partners such as Flutterwave, Ready (formerly Argent, 2M+ users), Solflare, nSave, Breet, Pexx, Privy, Request, and Logos. As of April 2026, the company had issued over 120,000 cards to 20 signed customers, operated with 20+ team members across Paris, London, Buenos Aires, Lagos, and New York, and had raised $9.2 million in disclosed funding across a $3M pre-seed (2024) and a $6.2M seed round (closed December 2025, co-led by Flourish Ventures and 1kx with White Star Capital and Fabric Ventures).
Kulipa firmographics
Firmographics- Name
- Kulipa
- Legal name
- Kulipa, a French simplified joint stock company (société par actions simplifiée) registered before the Trade and Company Register of Paris under number 981 570 088
- Website
- https://kulipa.xyz
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Kulipa is a Paris-based fintech that provides an API-first stablecoin card issuing, wallet, and virtual account infrastructure for fintechs, crypto wallets, neobanks, payroll providers, and remittance platforms, enabling them to launch Visa and Mastercard-branded payment products funded by USDC without prefunded collateral.
- Ownership category
- akta.pro rank
Kulipa industry classification
Industry- Product category
- Card Issuing Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
- akta.pro secondary industries
- Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where Kulipa is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Kulipa business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Interchange revenue on card transactions: Kulipa and its wallet/fintech partners earn interchange revenue on every card swipe via Visa and Mastercard networks when users spend stablecoin balances at merchants. Steady interchange revenue regardless of market conditions.
- API/Platform subscription fees from fintech clients: Kulipa charges fintech platforms and crypto wallets for access to its white-label card issuance, wallet, and virtual account infrastructure via API. Recurring platform fees for issuing-as-a-service.
- Capital-efficient issuing fees (FX / settlement margin): Revenue from stablecoin-to-fiat conversion and onchain settlement processing, eliminating the need for prefunded local accounts and generating margin per transaction across 100+ countries.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Custom quote-based pricing for fintech integrations |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels7 records
Kulipa product offering
Product offeringCore offering
Kulipa provides a white-label, API-first infrastructure platform that enables fintechs, crypto wallets, neobanks, payroll providers, spend management platforms, and remittance companies to issue branded Visa and Mastercard debit cards funded by stablecoin balances. The platform bundles card issuance, embedded wallet infrastructure, and white-labelled virtual accounts with a regulatory and compliance shield (KYC, KYB, AML, VASP licensing), and supports coverage in 100+ countries with USDC stablecoin settlement converted to local fiat at Mastercard FX rates.
Product overview
Kulipa is a unified platform-plus-modules offering, not a single product. The core platform exposes a developer-facing REST API and combines three primary products — Global Card Issuance (branded physical and virtual Visa/Mastercard cards settled in stablecoins), Embedded Wallet Infrastructure (bank-account UX backed by stablecoin rails), and White-labelled Virtual Accounts (fiat-to-stablecoin conversion across 210+ countries). These are wrapped by a Regulatory & Compliance Shield module that handles KYC/KYB/AML and VASP licensing, and are packaged into five vertical use-case modules — Remittances, Global Payroll & EOR, Spend Management, Neobanks & Fintechs, and Crypto Wallets — that compose the underlying card, wallet, and account primitives for specific customer segments.
Differentiator
Problem solved
Functional benefit
Products and services
- Global Card Issuance White-label physical and virtual Visa and Mastercard debit cards that settle in stablecoin to the real world. Issuance can be linked directly to self-custody or custodial wallets to monetize interchange, with zero pre-funding and support for Apple Pay and Google Pay tokenization. Built for fintechs, crypto wallets, neobanks, payroll providers, and remittance companies.
- Embedded Wallet Infrastructure Embedded wallet infrastructure that delivers familiar bank-account UX on top of stablecoin rails, enabling high-speed on-chain settlement in the background while customers experience traditional account features. Deployable across EVM chains, L2 networks, and Solana.
- White-labelled Virtual Accounts White-labelled virtual accounts that automate seamless conversion of fiat into stablecoins, reducing the need for expensive Nostro accounts. Enables global collection in local currencies with automatic conversion to stablecoins and supports issuing cards in 210+ countries via a single API.
- Regulatory & Compliance Shield Full-stack compliance layer handling KYC, KYB, and AML, with VASP licensing managed on behalf of clients. Provides the regulatory framework so partners can launch financial products without legal overhead, with regulated coverage in the EU, Argentina, and Nigeria (US expansion underway).
- Kulipa API Developer-facing REST API that exposes endpoints for card issuance, KYC verification, and card freeze/unfreeze, alongside the full payment-rail stack (card networks, tokenization, 3DS, KYC, 2FA, card personalization, manufacturing, and global shipping). Authenticated via an x-api-key header and documented at kulipa.readme.io.
Quantifiable outcome
- 120,000+ cards issued since February 2025
- +7 more outcomes
Companies that use Kulipa
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles5 records
Kulipa technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature6 records
Kulipa partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered flagship gtm partner in africa, flagship strategic partner, flagship launch partner, core technology partner, core technology / card network partner, core regulated partner and core stablecoin infrastructure partner.
- Flutterwaveflagship gtm partner in africaCollaborated to launch stablecoin payment cards across Africa, building a full-stack payments ecosystem including wallets, payment rails, and card issuance.
- Mastercardflagship strategic partnerMastercard is the card network powering Kulipa's debit card programs; Kulipa joined Mastercard's Start Path Blockchain and Digital Assets program (2024) and the Crypto Partner Program (2026). Card issuance is operated via a regulated EEA partner under Mastercard rails.
- Argent (now Ready)flagship launch partnerCo-developed the first zero-knowledge-powered debit card for self-custodial wallets, leveraging Starknet's zero-knowledge technology. Argent later rebranded as Ready and continues as a flagship white-label customer.
- Starknetcore technology partnerProvided zero-knowledge technology used to enhance security and scalability for Kulipa's non-custodial crypto payment wallet and debit card solution.
- Visacore technology / card network partnerVisa is one of the card networks via which Kulipa-issued cards are accepted at 150M+ merchants globally.
- Regulated Partner (EEA-licensed card issuer)core regulated partnerUnnamed regulated entity localized in the EEA licensed to issue payment cards and deliver payment services for Kulipa's Services. Card is maintained and operated by this Regulated Partner under its own liability.
- Circle (USDC issuer)core stablecoin infrastructure partnerSupported Stablecoin under Kulipa's Terms is USDC by Circle, backed by USD; conversion of USDC to fiat is executed 1:1 to USD via Mastercard FX rates.
Scale indicators9 records
Recent moves9 records
Expansion highlights7 records
Kulipa competitors and assessment
Company assessmentDirect peers
- Rain: Rain is a stablecoin-native card issuing and payments platform that partners with Visa/Mastercard to issue debit cards backed by digital assets, very similar to Kulipa's positioning. It competes head-to-head in the same crypto-wallet and fintech customer segments.
- BVNK: BVNK provides stablecoin payments and card-issuing infrastructure to fintechs, including wallets, neobanks and spend platforms. It is one of the most direct comparables to Kulipa in targeting B2B card-and-account issuance built on stablecoin rails.
- Zero Hash: Zero Hash offers embedded crypto and stablecoin infrastructure, including card issuance and wallet-as-a-service, to fintechs and platforms. It competes directly with Kulipa for the same white-label B2B2C customer base.
- Wirex: Wirex is a crypto payments company that issues Visa and Mastercard debit cards linked to crypto balances for consumers and via its Wirex Pay platform for fintech partners. It is a direct peer to Kulipa in the crypto-linked card-issuance category.
- Alchemy Pay: Alchemy Pay is a crypto payment gateway offering crypto on/off-ramps and crypto-linked Visa/Mastercard cards across multiple regions. It is comparable to Kulipa in providing crypto-to-fiat payment and card infrastructure to partners.
Emerging players
- Bridge (Stripe): Bridge is a stablecoin API platform acquired by Stripe that powers card issuance, accounts, and on/off-ramps for fintechs. Its integration into Stripe's distribution significantly raises the competitive bar for crypto card-issuers like Kulipa.
Broad incumbents
- Marqeta: Marqeta is a public, modern card-issuing platform that powers fintechs and neobanks. While not crypto-native, it is rapidly expanding stablecoin and digital-asset capabilities and competes with Kulipa for the same white-label card-issuance customers.
- Lithic: Lithic is a card-issuing API platform serving fintechs and crypto companies (including several crypto-native wallets). It overlaps with Kulipa in targeting crypto and fintech customers with developer-first issuing infrastructure.
- Galileo Financial Technologies (SoFi): Galileo, owned by SoFi, is a large incumbent card-issuing and processing platform serving fintechs and neobanks. It competes with Kulipa at the broader card-issuing infrastructure layer, particularly for customers requiring scale and broad network reach.
Regional players
- Bitnob: Bitnob is a crypto payments and card-issuance company focused on Africa, enabling cross-border payments and stablecoin-backed cards. It is a regional peer to Kulipa, particularly relevant given Kulipa's Africa strategy with Flutterwave.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Kulipa social profiles
Digital presenceKulipa compliance and trust
Trust signalCompliance4 records
Kulipa financial estimates
Financial estimateRevenue estimate
Valuation estimate
Kulipa leadership team
Management profileNumber of profiles
Profiles12 records
Kulipa subsidiaries and ownership
Company hierarchySubsidiaries1 record
Kulipa funding detail
Funding detailFunding overview
Funding rounds2 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Kulipa M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Kulipa
What does Kulipa do?
Kulipa provides a white-label, API-first infrastructure platform that enables fintechs, crypto wallets, neobanks, payroll providers, spend management platforms, and remittance companies to issue branded Visa and Mastercard debit cards funded by stablecoin balances. The platform bundles card issuance, embedded wallet infrastructure, and white-labelled virtual accounts with a regulatory and compliance shield (KYC, KYB, AML, VASP licensing), and supports coverage in 100+ countries with USDC stablecoin settlement converted to local fiat at Mastercard FX rates.
Is Kulipa a public or private company?
Kulipa is a private company. It is classified as venture growth investor backed and is currently operating.
When was Kulipa founded?
Kulipa was founded in 2024. It employs 1 to 10 people.
Where is Kulipa based?
Kulipa is headquartered in New York, United States, in the North America region.
How does Kulipa make money?
Three revenue lines are on record. Interchange revenue on card transactions are the primary driver. The others are API/Platform subscription fees from fintech clients and capital-efficient issuing fees (FX / settlement margin).
Who are Kulipa's main competitors?
Direct peers on record are Rain, BVNK, Zero Hash, Wirex and Alchemy Pay. Bridge (Stripe) is listed as an emerging player. Broad incumbents are Marqeta, Lithic and Galileo Financial Technologies (SoFi). Bitnob is listed as a regional player.
Does Kulipa have an API?
Yes. Kulipa offers a developer-facing REST API for issuing and managing stablecoin-backed payment products. Endpoints demonstrated include POST /cards (issue virtual or physical cards with custom design, currencyCode, tier, userId), PUT /kyc (trigger KYC verification for a user with type parameter), and freeze/unfreeze card endpoints. Authentication uses an x-api-key header. The API handles card networks (Visa, Mastercard), physical and virtual cards, Apple Pay/Google Pay tokenization, 3DS, KYC, 2FA, card personalization, manufacturing, and global shipping, all exposed through a single API stack for fintech partners to launch compliant stablecoin payment products in weeks rather than months. Developer documentation is at kulipa.readme.io/reference/getting-started.
What industry is Kulipa in?
Kulipa's product category is Card Issuing Infrastructure. Its primary akta.pro industry code is BPAMAFAL, Crypto Payments & Stablecoin Settlement Platforms, with a secondary code of FSAPAIAJ, Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails). Its NAICS code is 522320 and its SIC code is 6200.