FinWise Bancorp, a Utah-based digital bank that offers loan and deposit services across the US, revived its IPO plans on Monday with a blank filing. The company had previously planned to raise $58 million by offering 4.1 million shares (14% secondary) at a price range of $13 to $15, but postponed ahead of pricing in August. In its latest filing, the company also disclosed updated financials for the 9mo21.
FinWise Bancorp is a bank holding company that operates through its wholly-owned subsidiary, FinWise Bank, a Utah state-chartered non-member bank. The bank makes loans to and takes deposits from consumers and small businesses across the US. As of September 30, 2021, FinWise Bancorp had total assets of $338 million, total loans of $249 million, total deposits of $253 million, and total shareholders' equity of $69 million. For the nine months ended September 30, 2021, the bank originated $4.3 billion in total loans.
FinWise Bancorp was founded in 1999 and booked $67 million in revenue for the 12 months ended September 30, 2021. The Murray, UT-based company plans to list on the Nasdaq under the symbol FINW. Piper Sandler is the sole bookrunner on the deal.
