FinWise Bancorp acquires Tallied technology platform for in-house card issuing

Finwise Bancorp

Acquired Tallied's credit card issuance and processing platform; now owns card tech stack end-to-end.
Transaction funded with cash on hand; minimal capital outlay, no material impact on capital ratios.
Expects ~$4M integration/transition costs over next year; costs front-loaded in next two quarters.
Approximately $50M of credit card balances convert to standard balance sheet; prior guidance of $217M in credit-enhanced balances no longer applies.
Tallied's engineering and operations team joins FinWise; no service interruption for cardholders.

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