FinWise Bancorp expands fintech offerings; signs 4 new lending programs in 2024

Finwise Bancorp

During 2024, signed four new Strategic Lending Programs, a Payments program, a credit card program, and a credit-enhanced balance sheet program.
Launched Payments (MoneyRails) and BIN Sponsorship services under development; aims to diversify revenue and drive growth.
3Q24 non-interest expense included a one-time bonus accrual catch-up of ~$400,000; expects expense growth to decelerate in 4Q24.
Early in 4Q24, began calling callable CDs and replacing with lower-rate wholesale funding to improve NIM.
Portfolio mix shifted to lower risk: 46.0% SBA guaranteed and Strategic Program HFS as of 3Q24, up from 41.3% a year ago.

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