FinWise Bancorp (FINW): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how FinWise Bancorp is executing its pivot to become a true fintech bank, and honestly, it's a fascinating shift. After spending years analyzing balance sheets, I can tell you their model isn't just about traditional lending anymore; it's about powering partners through Strategic Program Lending and their MoneyRails™ payments platform, all while managing a compliance-first approach. With total assets hitting $899.9 million by late Q3 2025, the scale of this transformation is real, so to get the full, precise breakdown of how they generate revenue and manage costs in this new ecosystem, check out the complete Business Model Canvas we've mapped out below.

FinWise Bancorp (FINW) - Canvas Business Model: Key Partnerships

You're looking at how FinWise Bancorp builds value through its external relationships, which is crucial for its growth in the fintech enablement space. These aren't just casual alliances; they are integral to deploying capital and expanding product lines, especially in the high-growth Strategic Program Lending (SPL) area.

Fintech platforms for Strategic Program Lending (SPL)

The performance of the SPL segment is directly tied to the ramp-up of these partners. As of the third quarter of 2025, FinWise Bancorp reported significant growth driven by these programs. The company reiterated its guidance that credit enhanced assets are expected to reach between $50 million and $100 million by the end of the fourth quarter of 2025. This segment is clearly a near-term focus for balance sheet growth.

Here's a quick look at the financial impact from the Q3 2025 results:

Metric	Q3 2025 Ending Balance/Value	QoQ Change	YoY Change
Total Loan Originations	$1.8 billion	Increase from $1.5 billion (Q2 2025)	Increase from $1.4 billion (Q3 2024)
Credit Enhanced Balances (HFI Portfolio)	Reported increase of $29.6 million	Increase of $29.6 million (from Q2 2025)	Increase of $40.7 million (from Q3 2024)
Strategic Program Loans (Held-for-Sale Avg. Balances)	Reported increase of $12.9 million	Increase of $12.9 million (from Q2 2025)	Increase of $62.2 million (from Q3 2024)

The net interest income for Q3 2025 was $18.6 million, which management noted was helped by the higher contractual interest on the credit enhanced balances. Also, the efficiency ratio improved to 47.6% for the third quarter, down from 59.5% in the prior quarter, partly due to the credit enhancement income.

DreamFi for underbanked consumer financial products

FinWise Bancorp announced a strategic program agreement with DreamFi, Inc. on October 22, 2025. This partnership is designed to serve underserved and underbanked communities. Initial offerings include a DreamFi Debit Card and a checking account. Users gain access to over 40,000 surcharge-free ATMs in the U.S.

Tallied Technologies for credit card processing and solutions

On October 27, 2025, FinWise Bancorp announced a partnership with Tallied Technologies to deliver credit card products and processing solutions. The plan is to launch two co-branded Mastercard credit card programs in November 2025.

The planned card programs are:

• Consumer Rewards World Elite Mastercard
• Business Rewards World Elite Mastercard

Tallied manages the processing and servicing, while FinWise acts as the issuing bank, providing compliance and risk management support.

Backd Business Funding for Small and Medium-sized Business (SMB) loans

FinWise Bancorp launched a strategic lending program with Backd Business Funding on April 29, 2025, to offer business installment loans to SMBs. This collaboration targets a market segment that accounts for nearly 44% of the overall GDP. The addressable digital lending and credit market opportunity is estimated at approximately $734 billion. Backd also gains access to FinWise's Credit Enhanced Balance Sheet program.

Mastercard for co-branded credit card programs

The partnership with Tallied Technologies explicitly involves Mastercard for the issuance of co-branded credit cards. The two planned programs are:

• Consumer Rewards World Elite Mastercard
• Business Rewards World Elite Mastercard

These launches are scheduled for November 2025.

Finance: draft the Q4 2025 partnership utilization forecast by next Tuesday.

FinWise Bancorp (FINW) - Canvas Business Model: Key Activities

Strategic Program Lending (SPL) origination and management

• Loan originations totaled $1.8 billion for the third quarter of 2025.
• Loan originations totaled $1.5 billion for the second quarter of 2025.
• The credit enhanced portfolio of the Strategic Program loans on an HFI basis increased $29.6 million in the third quarter of 2025 to $41.4 million.
• The credit enhanced portfolio of the Strategic Program loans on an HFI basis increased $10.4 million in the second quarter of 2025 to $11.7 million.
• The Company aims for a credit enhanced asset balance between $50 million and $100 million by the end of the year (as of Q2 2025 context).

Providing BIN Sponsorship and Payments (MoneyRails™) solutions

• Fee income, which includes strategic program fees, was $10.3 million for the second quarter of 2025.
• Fee income was $7.8 million for the first quarter of 2025.
• FinWise Bancorp entered into an agreement in October 2025 to deliver credit card products and card processing solutions to Fintechs.
• The plan is to launch two Mastercard co-branded credit card programs in November 2025.

Regulatory compliance and risk management oversight for partners

• Allowance for credit losses to total loans held-for-investment was 3.1% as of June 30, 2025.
• Net charge-offs for the second quarter of 2025 were $2.8 million.
• Net charge-offs for the first quarter of 2025 were $2.2 million.
• The Company's effective tax rate for the second quarter of 2025 was 24.5%.

Traditional lending: SBA 7(a), Commercial Real Estate, and Leasing

• SBA 7(a) loan originations showed growth of 24% quarter-over-quarter in the second quarter of 2025.
• SBA 7(a) loan balances guaranteed by the SBA as of June 30, 2025, were $144.3 million.
• Total gross loans HFI increased $133.8 million as of September 30, 2025, compared to September 30, 2024.

Metric	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Loan Originations	$1.3 billion	$1.5 billion	$1.8 billion
Net Interest Income	$14.3 million	$14.7 million	$18.6 million
Total Assets	$804.1 million (as of March 31, 2025)	$842.5 million (as of June 30, 2025)	$899.9 million (as of September 30, 2025)

Developing and maintaining scalable API-driven infrastructure

• The Company's Strategic Program Lending business is conducted through scalable API-driven infrastructure.
• The Company is continuing to develop its payments and BI products for future profitability (as of Q2 2025 context).
• The Company is expanding and diversifying its business model by incorporating Payments (MoneyRails™) and BIN Sponsorship offerings.

FinWise Bancorp (FINW) - Canvas Business Model: Key Resources

You're looking at the core assets FinWise Bancorp (FINW) relies on to power its fintech banking model. These aren't just physical things; they are the specialized capabilities and financial heft that make their partnerships work.

Deep Regulatory Expertise and Compliance-First Culture

This is a major intangible asset. FinWise Bancorp uses its compliance oversight and risk management-first culture to guide fintech partners through the necessary rigorous processes for regulatory compliance. Honestly, this expertise is what allows them to structure complex deals, like the one with Backd Business Funding, where their CEO specifically cited the need for deep regulatory expertise and guidance. It's about de-risking the partnership for the fintech brand.

The culture supports their entire Strategic Program Lending business.

Scalable API-driven Infrastructure for Fintech Integration

The technology backbone is key here. FinWise Bancorp's existing Strategic Program Lending business runs on a scalable API-driven infrastructure. This system powers deposit, lending, and payments programs for their leading fintech brands. To be fair, this infrastructure is recognized; FinWise Bank won Top Innovation in Banking at the 2025 Banking Tech Awards USA for their payments hub, MoneyRails! This shows their tech isn't just functional, it's award-winning.

• Powers deposit, lending, and payments programs.
• Underpins the MoneyRails™ payments offering.
• Facilitates new agreements, like the one with Tally Technologies for credit card programs.

Credit Enhanced Balance Sheet Program for Partner Capital Efficiency

This program is designed to solve a specific problem for partners: securing warehouse facilities and managing capital requirements. The Credit Enhanced Balance Sheet Program helps strategic partners by improving capital efficiency and allowing them to diversify their funding sources. For example, the partnership with Backd provided them access to this program to scale their SMB financing. Following the close of the third quarter, FinWise Bancorp announced an agreement with Tally Technologies that is expected to bring a substantial credit-enhanced portfolio balance in Q4 2025 to support both business and consumer credit card programs.

Total Assets of $899.9 million as of September 30, 2025

The balance sheet provides the necessary scale to support these lending programs. As of September 30, 2025, FinWise Bancorp's total assets reached $899.9 million, which is nearly $900 million for the first time in the Company's history. This growth was primarily driven by increases in loans held-for-investment, net, and loans held-for-sale portfolios. Here's a quick look at how that asset base compared to recent prior periods:

Metric	Value as of September 30, 2025	Value as of June 30, 2025	Value as of September 30, 2024
Total Assets (in millions)	$899.9	$842.5	$683.0
Total Shareholders' Equity (in millions)	$187.8	$182.0	$170.4

The growth in assets supports their reported Q3 2025 performance, which included net income of $4.9 million and a diluted Earnings Per Share (EPS) of $0.34.

Experienced Management Team Focused on Fintech Banking

The leadership sets the strategic direction. Kent Landvatter serves as the Chairman and CEO, attributing strong Q3 2025 results to strategic investments made over the past two years. The team's focus is clearly on the fintech banking niche, evidenced by their expansion into Payments (MoneyRails™) and BIN Sponsorship offerings. This focus helps them manage the complexity of their diverse lending programs, which also include SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing.

The efficiency of their operation is a testament to this focus, with the efficiency ratio improving to 47.6% in Q3 2025.

Finance: draft Q4 2025 capital allocation plan by next Tuesday.

FinWise Bancorp (FINW) - Canvas Business Model: Value Propositions

You're looking at FinWise Bancorp (FINW) not as a traditional lender, but as the infrastructure powering the next wave of financial technology. The value propositions here are about enabling, de-risking, and accelerating partners. Here's the breakdown of what FinWise Bancorp is delivering as of late 2025.

Enabling fintechs to offer regulated banking and payment products

FinWise Bancorp's core value is providing the regulated banking layer for fintech brands. Their Strategic Program Lending (SPL) business, which started in 2016, has operated without interruption, which is a key trust signal for partners. This infrastructure powers deposit, lending, and payments programs for these brands using a scalable, API-driven backbone. For context, these fintech banking and payments solutions, including SPL, contributed to 52.9% of FinWise Bancorp's gross revenue in Q2 2025. This focus on technology enablement is clearly driving the top line, as TTM revenue ending September 30, 2025, reached approximately $105.3 million.

Providing capital efficiency and funding diversification for lending programs

Lending fintechs often struggle with securing warehouse facilities and managing capital requirements. FinWise Bancorp addresses this directly with its Credit Enhanced Balance Sheet Program. This program offers partners access to FinWise Bank's balance sheet to support their loan programs, which helps with capital efficiency. The bank is actively growing this area, aiming for a balance of $50 million to $100 million in credit enhanced assets by the end of 2025. Furthermore, the portfolio reflects this strategy, with 43% of the portfolio at 2Q25 being SBA Guaranteed and Strategic Program Held-for-Sale (HFS) loans, showing a commitment to these structured programs.

Offering a compliance-first approach to mitigate regulatory risk for partners

Navigating the regulatory landscape is a major hurdle for fintechs, but FinWise Bancorp positions its compliance oversight as a key differentiator. They guide partners through a rigorous process, supported by a compliance-first culture. This focus translates into tangible financial results; the fee income component, which includes strategic program fees, grew to $10.3 million in Q2 2025, up from $7.8 million in the prior quarter. The bank's overall efficiency ratio improved to 47.6% in Q3 2025, suggesting that their disciplined, compliance-focused model supports profitable operations.

Delivering essential financial products to underserved communities

FinWise Bancorp actively partners to bring financial access to those who need it most. A concrete example is the October 2025 agreement with DreamFi, Inc., focused on empowering underbanked communities. Through this partnership, consumers gain access to essential products right away. You can see the immediate impact in the initial rollout offerings:

• Access to a DreamFi Debit Card and checking account.
• Access to over 40,000 surcharge-free ATMs in the U.S.
• Built-in protections like life insurance and phone protection.

This effort complements their existing lending programs, such as SBA 7(a) loans, which saw originations grow 24% quarter-over-quarter in Q2 2025.

Facilitating real-time payments (RTP) via MoneyRails™ for businesses

The need for speed in money movement is non-negotiable now. FinWise Bancorp's deployed MoneyRails™ payments hub solution is designed to let fintechs and businesses safeguard deposits and process high volumes of payments instantly via API. MoneyRails™ supports all major modern rails, including The Clearing House's RTP and the Federal Reserve's FedNow solutions. This platform allows for automatic routing of payments to the appropriate real-time network, ensuring speed and precision. The strategic program fees, which would include services like this, contributed significantly to the Q2 2025 fee income of $10.3 million.

Here's a quick look at the scale of the lending activity underpinning some of these programs as of mid-2025:

Metric	Value (as of Q2 2025 End)	Period
Total Loan Originations	$1.5 billion	Q2 2025
Net Income	$4.1 million	Q2 2025
Diluted Earnings Per Share	$0.29	Q2 2025
Total Assets	$899.9 million	Q3 2025
Nonperforming Loans (Total)	$39.7 million	June 30, 2025

Finance: review the Q3 2025 total asset growth against the $50M target for the Credit Enhanced Balance Sheet Program by end of year.

FinWise Bancorp (FINW) - Canvas Business Model: Customer Relationships

You're looking at how FinWise Bancorp manages its connections across its diverse client base, which is heavily weighted toward strategic partners in the fintech space.

Partner-centric model with long-term program agreements

The relationship structure leans heavily on these long-term agreements, which drive significant volume. Loan originations for the second quarter of 2025 hit $1,483,179 thousand, showing growth from the $1,264,604 thousand originated in the first quarter of 2025. This growth reflects new partners ramping up their activity alongside established, long-term partners increasing their volume. Furthermore, the credit enhanced portfolio within the Strategic Program loans grew by $10.4 million during the quarter, reaching a balance of $11.7 million as of June 30, 2025. This specific program addresses funding diversification and capital efficiency needs for lending and card programs.

Metric	As of 6/30/2025	Q/Q Change (vs. 3/31/2025)
Loan Originations (in thousands)	$1,483,179	Increase of $218,575 thousand
Credit Enhanced Strategic Program Loans (in millions)	$11.7	Increase of $10.4 million
Total Shareholders' Equity (in millions)	$182.0	Increase of $4.6 million

The growth in total deposits from June 30, 2024, was partly due to increases in noninterest-bearing and interest-bearing demand deposits, which signals deepening relationships with both new and existing customers.

Dedicated compliance and risk management support for fintechs

FinWise Bancorp supports fintechs by bringing the necessary banking architecture, allowing partners to focus on user experience and credit modeling. For instance, the Bank provides regulatory oversight through a robust compliance and risk management framework, especially for partners utilizing BIN Sponsorship to issue cards on Visa and Mastercard networks. The Bank also offers a Credit Enhancement program to help strategic lending partners manage capital requirements. One strategic partner, Clasp, focuses on the healthcare industry, serving over 10,000 individuals on its platform as of early 2025.

High-touch relationship management for traditional commercial clients

For more traditional commercial clients, the relationship management is high-touch, aligning with the strategy to build out the loan portfolio with higher quality assets. Growth in the total gross loans held-for-investment (HFI) as of June 30, 2025, was primarily seen in the commercial real estate-owner occupied-and commercial leases segments. This focus on higher quality, lower yielding loans is a deliberate strategy to stabilize the loan portfolio.

Digital self-service tools through partner platforms

Digital enablement is a key component, often delivered through the partner's own interface, leveraging FinWise Bank's infrastructure. The MoneyRails™ payments hub solution allows fintechs to process large volumes of payments via API while safeguarding deposits. FinWise Bank is one of the few institutions offering Request for Payment capability for both RTP and FedNow rails. You see the adoption of technology through partners; for example, it was estimated that 76% of Financial Services companies have launched AI initiatives, with strategic partners like Upstart using AI to support their lending platforms.

FinWise Bancorp (FINW) - Canvas Business Model: Channels

You're looking at how FinWise Bancorp gets its banking and payments solutions to market; it's a mix of modern tech plumbing and direct relationship building. The core is definitely the API-driven infrastructure that powers the Strategic Program Lending business, which, by the second quarter of 2025, accounted for 52.9% of their gross revenue. This tech backbone allows for seamless integration with fintechs.

The reach into end-customers is heavily reliant on these fintech partners. For instance, the partnership with Backd provides business installment loans to small and medium-sized businesses, tapping into a market segment that makes up nearly 44% of overall GDP. Also, the October 2025 agreement with DreamFi, Inc. directly targets underbanked communities, immediately providing access to a network of over 40,000 surcharge-free ATMs as part of the initial rollout of their checking account and debit card offerings.

The payments channel is anchored by the deployment of MoneyRails™, their modern payments hub system. This solution is API-driven, letting fintechs safeguard deposits and process large volumes of payments, supporting both The Clearing House's RTP and the Federal Reserve's FedNow rails for real-time interoperability. While specific transaction counts aren't public, the focus on this tech directly supports the overall lending volume, which hit $1.8 Billion in loan originations for the third quarter of 2025.

For more traditional avenues, FinWise Bancorp operates one full-service banking location in Sandy, Utah, supporting its nationwide lending to consumers and small businesses, including SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing programs. The success of the fintech-driven channels is clear in the Q3 2025 fee income, which reached $18.1 Million, largely driven by credit enhancement income tied to these strategic programs.

Here's a quick look at the financial output flowing through these channels for the third quarter of 2025:

Metric	Amount (Q3 2025)	Context
Loan Originations	$1.8 Billion	Total volume across all lending channels.
Fee Income	$18.1 Million	Primarily from Strategic Program Fees and Credit Enhancement.
Total Assets	$899.9 Million	As of September 30, 2025.
ATM Network Access (via DreamFi)	Over 40,000	Surcharge-free ATMs for consumer programs.
Strategic Program Loans (HFS) Percentage	43%	Percentage of portfolio at 2Q25, indicating channel importance.

The channels FinWise Bancorp uses to distribute its products include:

• API endpoints for fintech platform integration.
• Strategic partnerships like Backd and DreamFi, Inc.
• Direct banking services from the Sandy, Utah location.
• The proprietary MoneyRails™ payment processing hub.
• Card sponsorship programs for debit and credit products.

The growth in credit-enhanced balances, which increased by $8.7 Million in the third quarter of 2025 alone, shows the scale of the balance sheet programs being pushed through these partner channels. Finance: draft Q4 2025 channel utilization forecast by next Tuesday.

FinWise Bancorp (FINW) - Canvas Business Model: Customer Segments

You're looking at the core groups FinWise Bancorp serves as of late 2025, which is heavily weighted toward partnerships rather than direct-to-consumer banking.

Fintech brands requiring Banking Identification Number (BIN) sponsorship

This segment is central to FinWise Bancorp's growth story, powered by its Banking and Payments solutions and scalable API-driven infrastructure. The company provides compliance oversight to guide fintechs through regulatory processes for their card programs. The credit enhanced portfolio, which supports these strategic programs, showed significant growth, increasing to $11.7 million as of June 30, 2025, and management projected it to reach approximately $115 million by year-end 2025. FinWise Bancorp announced new strategic program agreements in the third quarter of 2025 with DreamFi Inc. and Tallied Technologies, with the Tallied agreement expected to add about $50 million of credit-enhanced balances in the fourth quarter of 2025.

Small and Medium-sized Businesses (SMBs) seeking installment loans

FinWise Bancorp supports this segment indirectly through partnerships, such as the one with Backd Business Funding, to provide business installment loans. The total addressable market for digital lending and credit in the SMB space is substantial, estimated at approximately $734 billion, with SMBs making up nearly 44% of overall GDP. The bank's overall loan originations for Q3 2025 reached $1.8 billion, reflecting activity across its lending areas.

Underserved and underbanked consumers (indirectly through partners)

This group is served via specific strategic partnerships. For instance, the agreement with DreamFi, Inc., announced in October 2025, is explicitly aimed at providing financial products to empower underbanked communities to build financial stability. The bank's overall lending strategy includes streamlining origination of unsecured consumer loans through its Strategic Programs.

Commercial clients for Owner Occupied Real Estate and Leasing

This represents a more traditional lending focus for FinWise Bank, which is part of its core lending areas alongside SBA 7(a) loans. Growth in Q2 2025 was specifically noted in the commercial real estate - owner occupied and commercial leases portions of the portfolio, consistent with a strategy to increase higher quality, lower rate loans on the balance sheet. The bank segments its loan portfolio for loss allowance calculations, identifying Commercial Real Estate secured by owner-occupied nonfarm, nonresidential properties as a key category.

Investors seeking exposure to a fintech-focused bank (FINW stock)

This group views FinWise Bancorp through its publicly traded equity. As of November 7, 2025, the stock price was $19.23, with a market capitalization of $260 million and 13.6 million shares outstanding. The trailing twelve-month revenue as of September 30, 2025, was $105.301 million, with trailing twelve-month net income at $14.969 million.

Here's a quick look at the scale of the business as of the latest reported quarter:

Metric	Amount (Q3 2025)	Amount (As of Nov 7, 2025)
Total Assets	Approaching $900 million	$899.929 million (TTM as of Sep 30, 2025)
Loan Originations (Quarterly)	$1.8 billion	N/A
Net Income (Quarterly)	$4.9 million	$14.969 million (TTM as of Sep 30, 2025)
Credit Enhanced Balances (Projected Year-End)	~ $115 million	N/A
Stock Price	N/A	$19.23

The bank's lending focus areas define its direct customer base, which can be summarized as:

• Strategic Program partners utilizing BIN sponsorship.
• SMBs accessing installment loans via fintech platforms.
• Commercial entities for owner-occupied real estate.
• Clients requiring commercial leasing solutions.
• Partners serving the underbanked population.

The growth in credit-enhanced balances, projected to reach ~$115 million by year-end 2025, shows where FinWise Bancorp is placing capital to support its fintech partners.

Finance: draft the Q4 2025 cash flow forecast by next Tuesday.

FinWise Bancorp (FINW) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine at FinWise Bancorp as of late 2025. Honestly, for a bank heavily involved in the Banking-as-a-Service (BaaS) and strategic partnership space, the cost structure reflects both traditional banking overhead and significant investment in technology and risk management related to those partners.

The Provision for credit losses is a major variable cost. For the third quarter of 2025, FinWise Bancorp recorded a total provision for credit losses of $12.8 million. A significant portion of this, specifically $8.8 million, was attributable to the growth of credit-enhanced balances during that quarter. This provision level was materially higher than the $4.7 million recorded in the prior quarter.

Personnel costs are a core, fixed-like expense. For the three months ended September 30, 2025, the company reported Salaries and employee benefits expenses totaling $10,814 thousand. This represented an increase from $10,491 thousand in the second quarter of 2025. Management noted that the year-over-year increase was primarily due to 'salaries and employee benefits mainly from the amortization of deferred compensation awards incurred to retain and motivate our employees.'

Technology and infrastructure costs are embedded within the non-interest expense structure, supporting the API and MoneyRails™ platform. While a direct line item for the platform itself isn't isolated, we see related costs reflected in the general operating expenses. For instance, the increase in non-interest expense from the prior year period was driven by 'expenditures on computer software' and 'data processing services.' The total Other operating expenses for Q3 2025 were $3,583 thousand.

Interest expense on deposits, particularly from brokered certificates of deposit (CD) accounts, directly impacts Net Interest Income. Total Interest expense for the third quarter of 2025 was reported at $5,359 thousand. The growth in average balances of brokered CD accounts was cited as a factor partially offsetting the increase in Net Interest Income in Q3 2025.

Regulatory compliance and legal costs are factored into operating expenses, especially given the oversight of high-risk partners. The Q3 2025 increase in Other operating expenses was partly attributed to elevated FDIC assessments reflecting the bank's increased deposit balances. The regulatory environment itself, with ongoing litigation and compliance deadlines like the Payday Lending Rule's March 30, 2025 date, necessitates ongoing investment in compliance infrastructure.

Here's a look at the key non-interest expense components for FinWise Bancorp for the three months ended September 30, 2025, compared to the prior quarter. Remember, these are in thousands of US Dollars.

Cost Component	Q3 2025 ($ thousands)	Q2 2025 ($ thousands)
Salaries and employee benefits	10,814	10,491
Professional services	876	949
Occupancy and equipment expenses	456	445
Credit enhancement guarantee expense	1,720	78
Other operating expenses (incl. software/data processing/FDIC)	3,583	2,949
Total non-interest expense	17,449	14,912

The total non-interest expense for Q3 2025 reached $17,449 thousand, up from $14,912 thousand in Q2 2025. The jump in Credit enhancement guarantee expense to $1,720 thousand from just $78 thousand in Q2 2025 is a direct cost tied to the growth in the credit-enhanced loan portfolio.

You should track the following specific cost drivers closely:

• Provision for credit losses: $12.8 million in Q3 2025.
• Salaries and benefits: $10.814 million in Q3 2025.
• Total Interest Expense: $5,359 thousand in Q3 2025.
• FDIC assessments and software spend are within Other operating expenses ($3,583 thousand in Q3 2025).

Finance: draft 13-week cash view by Friday.

FinWise Bancorp (FINW) - Canvas Business Model: Revenue Streams

You're looking at how FinWise Bancorp actually brings in the money, which is key to understanding their valuation, especially with their hybrid bank/fintech model. The revenue streams are clearly segmented between traditional banking interest and newer, fee-based partnership income.

The overall picture shows significant growth. Trailing 12-month revenue was reported at $105.3 million as of September 30, 2025. This is a solid run rate to carry into the end of the year.

The core of the interest-based revenue comes from the loan book. Net interest income from loans held-for-investment for the third quarter of 2025 hit $18.6 million, up from $14.7 million in the prior quarter. This was supported by robust loan originations totaling $1.8 billion in Q3 2025.

Here's a quick breakdown of the major components contributing to that Q3 performance:

Revenue Component	Amount (Q3 2025)	Supporting Data Point
Net Interest Income (NII)	$18.6 million	Net interest income from loans held-for-investment.
Non-Interest Income (Fees/Other)	$18.1 million	Reported non-interest income for the quarter.
Adjusted Operating Revenue (Total)	$36.7 million	Total revenue reported for Q3 2025.
Loan Originations (Volume)	$1.8 billion	Total loan originations for the quarter.

Interest and fees from Strategic Program Lending (SPL) are a major focus area, as these are the credit-enhanced partnerships. As of September 30, 2025, the loans held-for-investment under the Strategic Program with credit enhancement totaled $41.37 million (reported as $41,369 thousand). Also sitting on the books were Strategic Program loans without credit enhancement amounting to $21.65 million (reported as $21,654 thousand). These programs are designed to generate spread and fee income with lower credit risk due to partner guarantees.

Fee income from BIN Sponsorship and Payments (MoneyRails™) services is set to ramp up following recent announcements. The partnership with Tallied Technologies to deliver co-branded Mastercard credit card programs is expected to directly boost this fee revenue stream. This aligns with the $18.1 million in non-interest income seen in Q3 2025.

Interest income from traditional lending, which includes SBA and Commercial Real Estate, remains a stable base. For instance, SBA 7(a) loan balances held-for-investment as of September 30, 2025, stood at $132.2 million. You can see the breakdown of the total loans held-for-investment, gross, as of that date:

• Strategic Program loans with credit enhancement: $41.37 million
• Strategic Program loans without credit enhancement: $21.65 million
• Commercial Real Estate (Total): $84.73 million ($83,302k owner-occupied + $1,424k non-owner occupied)
• Consumer loans: $24.25 million
• SBA loans included in the above: $132.2 million

Finance: draft the Q4 2025 revenue projection based on the Tally program ramp-up by next Tuesday.