How Boxopay and Partners Helped FMPay Launch a Full-Scale Banking-as-a-Service Platform

Table of contents:

1. A BaaS Software Developer, a Core Banking Provider and a Bank Walk Into a Bar…
2. Turning a Complex BaaS Vision Into a Live Platform
3. The BaaS Technology Stack: FMPay, CloudBank.Digital, LIME Systems and FinTech Whales
4. Embedded Finance for SMBs via the Xiva App
5. From Acquirer to BaaS Provider
6. Thinking About Launching Your Own BaaS Platform?

A BaaS Software Developer, a Core Banking Provider and a Bank Walk Into a Bar…

It sounds like the start of a joke – but for us, it turned into a full-scale Banking-as-a-Service (BaaS) launch.

In September 2025, after dozens of meetings, hundreds of emails and thousands of hours of development and integration work, our team successfully delivered a full-fledged BaaS platform for our long-standing UK partner, FMPay.

This project brought together a powerful ecosystem of financial technology and banking players: CloudBank.Digital, LIME Systems, FinTech Whales, FMPay and our own acquiring and BaaS software stack.

Turning a Complex BaaS Vision Into a Live Platform

FMPay set out to build a BaaS platform that could:

• Support embedded finance for their own product.
• Handle card issuing and settlements efficiently and compliantly.
• Open the door to offering issuing services to other FinTechs in the future.

To achieve this, FMPay needed more than just a single vendor. They needed a coordinated effort and a whole stack of technologies:

• An ABS/Core banking system.
• An acquiring software.
• An issuing processor integration.
• A BaaS software cross-integrating all of the above.

The BaaS Technology Stack: FMPay, CloudBank.Digital, LIME Systems and FinTech Whales

The resulting BaaS platform combines the strengths of several specialised providers:

• CloudBank.Digital and LIME Systems supply the cloud-based Core Banking System, ensuring robust, compliant banking operations at the heart of the solution.
• FinTech Whales reinforced the development team, helping accelerate delivery and coordinate complex integration work.
• Our team integrated these components with our Acquiring Payment Gateway and Card Issuing / BaaS Platform, creating a unified platform rather than a collection of separate systems.

By cross-integrating these solutions, Boxopay delivered a cohesive BaaS solution that FMPay can operate, scale and extend for multiple use cases.

Embedded Finance for SMBs via the Xiva App

One of the key front ends for this BaaS setup is FMPay’s SMB-focused application, Xiva.

The new platform now powers embedded finance inside the Xiva app, including:

• The ability to issue payment cards directly through the app.
• Settling merchant funds directly into bank accounts linked to those issued cards.
• A smoother financial experience for SMBs, who can now not only accept payments via app, but also receive settlements and spend their funds in a single environment.

For Xiva users, this means less friction, faster access to funds and a more modern, app-centric banking and payments experience.

From Acquirer to BaaS Provider

Beyond powering the Xiva app, the project fundamentally expands FMPay’s business model.

With the new platform in place, FMPay becomes a BaaS provider, not just a payments company. That means they can now:

• Offer card-issuing services to other FinTech companies.
• Provide Banking-as-a-Service capabilities to partners who want to embed accounts, cards or payments into their own products.

Thinking About Launching Your Own BaaS Platform?

Launching a Banking-as-a-Service solution is rarely a one-vendor story. It requires the right mix of:

• Technology – flexible software, modern APIs and secure, PCI DSS Level 1 compliant infrastructure.
• Banking and core systems – reliable core banking, issuing and settlement capabilities.
• Expertise and delivery – teams who understand regulations, integration complexity and real-world go-live scenarios.

In this project, FMPay, CloudBank.Digital, LIME Systems, FinTech Whales and the Boxopay team worked together to deliver a live, enterprise-grade BaaS platform for SMBs and FinTechs.

If you’re an EMI, PI, bank or other financial services provider looking to:

• Launch your own BaaS offering,
• Power embedded finance in your applications, or
• Add card issuing and settlement capabilities to your product,

we’d be happy to talk.

Our team can bring all the necessary parts—technology, expertise and partners—to help you design, build and launch your own Banking-as-a-Service platform.