The round was co-led by Flourish Ventures and 1kx, with backing from White Star Capital and Fabric Ventures. With this, the company’s total funding now stands at $9.2 million.

Kulipa builds payment infrastructure that allows fintech companies to issue cards funded directly from stablecoin balances. These cards can be used anywhere card networks are accepted, including for everyday purchases and ATM withdrawals.

Stablecoins already handle more than $300 billion in daily settlements, but their use in everyday payments is still limited. The systems that connect blockchain-based transactions to traditional card networks are still fragmented and usually require large upfront capital.

Kulipa says its platform removes some of these limitations. It verifies balances and settles transactions onchain, reducing the need for prefunding.

At the same time, it takes on fraud liability for issued cards, which lowers operational pressure for its partners.

“Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early,” said Axel Cateland, Founder and CEO of Kulipa.

“Card issuance is the bridge between onchain balances and real-world payments. We built Kulipa to give regulated fintech platforms the compliant, capital-efficient infrastructure they need to operate at global scale.”

The company operates what it describes as a local-first model, with regulatory coverage across the European Union, Argentina and Nigeria. It is also working on expansion into the United States through BIN sponsorship.

Kulipa launched its infrastructure in February 2025 and since then, it has issued more than 120,000 cards and signed 20 customers. These include Flutterwave, Solflare, nSave and Ready.

The company also reports a 70% month-on-month increase in transaction volume.

“At Flutterwave, we’re focused on building payment infrastructure that works across markets at scale. As stablecoins become a more practical settlement option, it’s important that businesses can turn those balances into real-world spending,” said Olugbenga Agboola, Founder & CEO of Flutterwave.

“Partnering with Kulipa allows us to extend stablecoin value into globally accepted payments in a compliant, scalable way.”

“Kulipa has enabled Ready to become an onchain alternative to banks,” said Itamar Lesuisse, CEO of Ready. “With their infrastructure, we can issue globally accepted cards directly from stablecoin balances, giving our users seamless access to everyday spending in a compliant and scalable way.”

Kulipa was founded in 2023 by a team with experience across payments, compliance and technology. Cateland previously worked on Apple Pay and Google Pay deployments at Mastercard.

Co-founder and CTO Michael Shynar has worked at WhatsApp and Google, while Head of Compliance Benoit Roger brings experience from Binance and Nickel Bank.

Investors say the company is addressing a key gap in the market.

“We’re seeing stablecoins moving beyond cross-border settlement and becoming part of real financial infrastructure,” said Ameya Upadhyay, General Partner, Flourish Ventures.

“The missing piece has been compliant, scalable card issuance. Kulipa fills that gap by combining capital efficiency with multi-region regulatory coverage, enabling fintech platforms to bring stablecoin settlement into everyday payments.”

1kx Founding Partner Christopher Heymann added, “Stablecoins are reshaping how money moves globally, but for mainstream adoption, people need to spend them as easily as they spend fiat. 

“Kulipa meets users where they already are, starting with the card in their wallet, and gives businesses a turnkey way to offer that experience. We believe this payments layer is critical infrastructure for the next phase of crypto adoption.”

Kulipa says it will use the new funding to strengthen its infrastructure and support more fintech platforms looking to offer stablecoin-based payments at scale.

Yet one challenge continues to limit their growth: how to receive payments quickly, securely, and without expensive charges.

Monica, a proudly Nigerian fintech platform, is solving this problem with instant crypto-to-naira conversions, stablecoin payments, and zero-fee transfers that help creators keep the full value of their work.

For years, Nigerian creators lost income through international bank fees and delayed payments. With Monica, freelancers and artists can receive cryptocurrencies such as USDT, Bitcoin, and Ethereum, which are instantly converted into naira at no cost.

This service has become one of the most reliable ways for Nigerians to receive cross-border payments.

“Our promise is simple. What you earn is what you receive,” said the CEO of Monica. “From the beginning, we decided that zero-fee transfers would be permanent. Creators and freelancers deserve to keep the full value of their work, and we are proud to make that possible.”

Beyond payments, Monica has positioned itself as a full-service financial app. Nigerians can pay electricity bills, top up airtime and data, and purchase local and international gift cards directly within the app. This all-in-one model makes financial management seamless for users who want convenience alongside affordability.

Monica’s success is also tied to its security model. Unlike traditional exchanges, Monica operates a non-custodial system. It does not hold customers’ crypto online.

Instead, once crypto is deposited into a Monica wallet, the naira equivalent is credited instantly while the crypto is secured offline. With self-managed servers ensuring 99.9 percent uptime, users enjoy both speed and protection.

“We know how important it is for Nigerians to trust the platforms that handle their money,” the CEO explained. “That is why we have invested heavily in both infrastructure and security. Our uptime of 99.9 percent means creators can count on us, and our offline storage model ensures funds remain safe.”

In just two years, Monica has processed more than ₦150 billion in payouts and converted over 100 million dollars’ worth of cryptocurrency into naira. With more than 350,000 active users and an app rating of 4.9 across iOS and Android stores, Monica has proven to be one of the most trusted fintech platforms in Nigeria.

“Our vision is not just about technology, it is about empowerment,” the CEO added. “We are building Monica as a proudly Nigerian solution that delivers financial freedom, reliability, and convenience. For creators, that means less worry about payments and more focus on building their craft.”

For Nigeria’s creative community, Monica is more than an app. It is a partner that ensures fast payments, zero-fee transfers, bill settlement, and financial freedom. By combining security, affordability, and utility, Monica has redefined what a Nigerian fintech platform can deliver for its people.

They’re what people turn to when salaries lose value before payday, when sending money across borders seems like smuggling, and when your bank app is down more times than it’s up.

Nigeria’s crypto market is projected to hit $2.4 billion by 2025, with a user base expected to reach 28.69 million by 2026. The average revenue per user sits around $87, and 85% of all crypto transactions remain under $1 million, pointing to strong grassroots adoption. 

This is a market of everyday people and small businesses,  no longer focused on just innovation, but usefulness.

Binance Africa, the global giant with its wide-ranging tech ecosystem, and Yellow Card, the African-born disruptor, designing crypto rails to move money, are both walking on both innovation and usefulness for many.

Two Approaches, One Market

Binance Africa offers a broad suite of services including spot trading, futures, staking, lending, NFTs, and educational resources. It’s a global platform which processes billions of dollars in daily trading volume, with high liquidity and has gained popularity in Africa, particularly for peer-to-peer (P2P) trading of USDT and Bitcoin. 

The platform’s native BNB token adds further value for users, with many traders actively monitoring BNB to USD price movements to optimize their trading strategies and reduce transaction fees across the Binance ecosystem.

It also supports mobile money payments in six African countries, helping users convert crypto to local currency more easily.

Yellow Card, by contrast, is focused more narrowly, but purposefully. It’s known for its work in stablecoin-based payments, cross-border remittances, mobile money integration, and B2B financial services like treasury management. 

Since its launch in Nigeria in 2019, it has processed over $6 billion in volume and operates in more than 20 African countries.

Key Differences at a Glance

Regulatory Standing and Trust

Regulation has become a key differentiator. Binance, though popular, has encountered regulatory resistance across several African countries, including Nigeria, where it faced operational restrictions in 2024 and warnings from the SEC.

Yellow Card, on the other hand, has emphasised a compliance-first approach. It operates under licences in multiple jurisdictions and works closely with financial authorities.

Its services are tailored to meet local needs, particularly for users who rely on stablecoins for cross-border transfers, SME operations, and inflation hedging.

This divergence doesn’t imply one is better,  just different. Binance’s platform may appeal to users seeking high-level trading tools, while Yellow Card’s regulated simplicity offers comfort to risk-averse or new users.

User Experience and Feedback

App store reviews shows the real-world usage of both platforms:

• Binance users laud its range of features but constantly mention delayed withdrawals, slow customer support, and complicated fiat conversions.
• Yellow Card is commended for ease of use and stablecoin transfers, but users have also reported app crashes during withdrawal and concerns about rate transparency.

Neither platform is without fault, but their weaknesses mirror their scale. Binance may struggle with personalisation and responsiveness, while Yellow Card, being smaller, may face technical limitations.

Infrastructure vs Ecosystem

Binance is building a crypto ecosystem, from trading and NFTs to staking and institutional tools. It offers high functionality but requires technical knowledge and a higher tolerance for risk, especially in regions with uncertain regulatory environments.

Yellow Card, by contrast, is building infrastructure, the digital roads that enable local businesses, NGOs, freelancers, and families to move money legally, simply, and quickly. Its YC Business API allows invoice settlement and USD liquidity for African companies, something Binance does not currently prioritise on a local scale.

Again, the comparison is not about superiority but use case. Each serves a purpose — and each is valuable depending on the user.

Funding, Scale & Recognition

• Binance remains privately held with deep liquidity and billions in daily global trading volume. It has invested heavily in education across Africa and received awards like Emerging Technology of the Year (Ghana Fintech Awards 2022).
• Yellow Card has raised over $88 million, including backing from Coinbase Ventures, Jack Dorsey’s Block, and Valar Ventures. It’s received accolades for economic mobility in payments and digital innovation in Kenya.

So, Which Should Nigerians Choose?

That depends entirely on what you need:

• For traders? Binance remains unrivalled. Its liquidity, advanced features, and global access are unmatched.
• For businesses and everyday users, Yellow Card is designed with compliance and local usability in mind.
• Want deep liquidity, advanced trading tools, and the chance to earn through staking and futures? Binance has the edge.
• Need to send money to another African country, manage small business payments, or hedge against naira volatility using stablecoins? Yellow Card may be more aligned with your needs.

There’s no one-size-fits-all winner here, just two platforms interpreting the crypto moment in Africa differently.

Nigeria’s crypto space is no longer a fringe movement; it’s formalised, regulated, and expanding, with stablecoins, P2P networks, and digital naira equivalents all part of a growing sector.

As the Central Bank warms up to digital assets and the SEC begins licensing Virtual Asset Service Providers (VASPs), the winners will be platforms that can navigate compliance, deliver value, and adapt to local realities.

Binance and Yellow Card are both part of this story, but they’re writing it from very different pages.