FinWise Bancorp, a Utah-based digital bank that offers loan and deposit services across the US, raised $37 million by offering 3.5 million shares at $10.50, within the range of $10 to $12. The company offered 0.3 million more shares than anticipated.
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.
The Murray Utah-based company plans to list on the Nasdaq under the symbol FINW. Piper Sandler and Stephens Inc. acted as joint bookrunners on the deal.
