FinWise Bancorp unveils payments expansion, highlights 44.5% lower-risk portfolio and strong capital

Finwise Bancorp

Launches Payments (MoneyRails) and BIN Sponsorship to diversify revenue and drive growth (under development).
Combined SBA guaranteed & Strategic Program HFS loans total 44.5% of portfolio as of 2Q24 (up from 28.4% end of 2022).
Total FTEs at 191 as of 2Q24; 39% in IT, compliance, risk management, and BSA functions.
Efficiency ratio (non-GAAP) 66.3% for 2Q24 vs 60.6% in 2Q23, reflecting infrastructure investments.
Well-capitalized: Bank capital levels significantly above well-capitalized regulatory guidelines.

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