Interview Highlights
- FinWise Bancorp, a community bank, has evolved its mission to include niche lending and fintech partnerships, aiming to provide innovative banking solutions to its customers.
- The bank has established strategic partnerships with several fintech companies, such as Plannery and Hank Payments, to offer specialized lending programs and modernize payments and cash management.
- FinWise Bank has implemented safeguards to ensure compliance with regulatory requirements and consumer protections, taking responsibility for product oversight and building a robust compliance management system.
- The company has diversified its loan portfolio with variable and fixed rate loans, targeting economically resilient borrowers in different markets, including SBA lending, leasing, and construction lending.
- The bank sees opportunities for growth in expanding electronic banking services, capitalizing on the trend towards mobile and online banking, and expects to see the results of its investments in infrastructure in the coming years.
Read the full interview below:
About FinWise Bancorp
FinWise provides comprehensive Banking and Payments solutions to fintech brands. 2024 is a key expansion year for the Company, as it diversifies its business model by launching and incorporating Payments Hub and BIN Sponsorship offerings into its current platforms. Its existing Strategic Program Lending business, done through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. In addition, FinWise manages other Lending programs such as SBA 7(a), Real Estate, and Leasing, which provide optionality for disciplined balance sheet growth. Through its compliance oversight and risk management-first culture, the Company is also well positioned to guide fintechs through a rigorous process to ensure regulatory compliance.