The move signifies that Raisin is now the first fintech to directly connect with the newly launched bank-direct banking-as-a-service (BaaS) infrastructure offered by FIBT through the Kavinu platform.
Introducing the Kavinu platform, Kotapay—a division of FIBT—provides a streamlined, cloud-native pathway for financial technology firms to access core banking services. Raisin’s adoption of this platform allows it to facilitate fund transfers between external accounts and over 80 financial institutions on its marketplace. Additionally, Raisin can now leverage bank-grade risk management and compliance services directly from FIBT.
Minimizing complexity in fintech-bank integrations, Kavinu is designed with vertical integration, eliminating the need for multiple intermediaries and third-party service layers. This approach aims to reduce time-to-market for embedded finance applications by simplifying implementation and enhancing system reliability.
According to representatives from FIBT, Raisin’s deployment on the platform was faster than comparable integrations due to a single contractual relationship and direct API access. Kotapay positions Kavinu as a redefinition of traditional BaaS, supporting various business models through a scalable API framework that provides financial companies with regulatory-grade infrastructure.
Officials from Raisin highlighted the security capabilities and operational transparency offered by the platform as key factors in their decision to transition its service bank function. They also emphasized the stability provided by partnering with a long-standing financial institution. Officials further noted that Kavinu aligns well with the regulatory expectations of over 75 partner banks and credit unions using Raisin’s marketplace.
