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Kulipa
Stablecoin card-issuing APIs
- Category:
- Blockchain
- Country:
- Nigeria
- Founded:
- 2023
- Cause of Failure:
- Broader corporate restructuring
- Outcome:
- Shutdown
- Shut Down in:
- July 2026
- Founders:
- Axel Cateland, Michael Shynar, Karl Vaillant
- Number of Founders:
- 3
- Number of Employees:
- 11-50
- Funding Amount:
- $9.20 M
- Last Funding Round:
- Seed
- Notable Investors:
- Flourish Ventures, White Star Capital, Fabric Ventures, Blockwall, 1kx
About Kulipa
A stablecoin-native payment card infrastructure platform that enabled crypto wallets, fintechs, and web3 platforms across Africa, Europe, and Latin America to issue self-custodial debit cards.
What went wrong?
Kulipa allegedly suffered a fatal solvency crisis after its primary card issuing partner was penalised by European regulators, forcing emergency issuer migrations that severed non-EEA users, slashed transaction volumes by 80%, and drained operating reserves. The CEO, Alex Cateland, denied these reports and said they shut down due to a broader restructuring.
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Kulipa CEO denies insolvency after sudden shutdownDon't become a case study
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