Kulipa CEO denies insolvency after sudden shutdown

Axel Cateland, chief executive of stablecoin card infrastructure startup Kulipa, has denied that the company is insolvent, days after its abrupt shutdown left customers and fintech partners scrambling for answers.

“Kulipa is not insolvent and isn’t going bankrupt,” Cateland wrote in a post on X. “What’s actually happening is a structural change to the company that I’m not in a position to detail yet. There are legal constraints, and it’s why this has looked like silence from our side.”

The statement comes after Kulipa unexpectedly suspended operations on 29 July, sparking speculation that the Paris-based startup had run into financial trouble.

Cateland’s comments suggest the company is undergoing a corporate restructuring rather than winding down, although he declined to provide further details because of ongoing legal restrictions.

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Founded in 2023, Kulipa built infrastructure that allowed fintechs and crypto wallets to issue payment cards funded by stablecoins. The product enabled users to spend digital assets anywhere traditional card networks are accepted without merchants needing to support crypto directly.

The startup quickly became one of the better-known names in the stablecoin payments ecosystem.

Earlier this year, it raised a $6.2 million seed round co-led by Flourish Ventures and 1kx to expand its card issuance infrastructure. By the time it shut down, Kulipa said it had issued more than 120,000 cards.

Its reach extended to Africa. In Nigeria, Flutterwave partnered with the company to launch stablecoin cards, while crypto firms including Ready and Solflare also integrated Kulipa’s infrastructure into their products.

Cateland did not elaborate on what the “structural change” entails but said “exciting things” are ahead. That leaves open several possibilities, including an acquisition, a strategic merger, or a recapitalisation.

Last updated: August 3, 2026