FIBT becomes Raisin's service bank via Kotapay's Kavinu

The development expands on an existing relationship in which FIBT held Raisin’s customer cash accounts. With this move, Raisin becomes the first fintech to connect directly with the newly launched bank-direct banking-as-a-service (BaaS) infrastructure. 

The Kavinu platform, introduced by Kotapay, a division of FIBT, offers financial technology firms a streamlined, cloud-native path to core banking services. Raisin’s adoption of the platform enables it to initiate fund transfers between external accounts and the more than 80 financial institutions on its marketplace. Additionally, it can now access bank-grade risk management and compliance services directly from FIBT.

Minimising complexity in fintech-bank integrations 

Unlike other BaaS models that rely on multiple intermediaries and third-party service layers, Kavinu is designed to eliminate the need for middleware by offering vertical integration between fintechs and banks. Representatives from FIBT noted that this approach helps reduce time-to-market for Embedded Finance applications by simplifying implementation and improving system reliability. 

A representative from FIBT explained that Raisin’s deployment on the platform occurred in significantly less time than comparable integrations. According to the bank, a single contractual relationship and direct API access played a key role in accelerating the process. 

Kotapay has framed Kavinu as a redefinition of traditional BaaS. Its architecture supports a wide range of business models through a scalable API framework, offering financial companies direct access to regulatory-grade infrastructure. 

Officials from Raisin said the platform’s security capabilities and operational transparency were key factors in the decision to transition its service bank function. They also pointed to the stability offered by partnering with a longstanding financial institution. Raisin’s official further indicated that Kavinu aligns with the regulatory expectations of the more than 75 partner banks and credit unions using its marketplace.