Finwise Bancorp

FinWise Bancorp has acquired the technology platform and related assets of Tallied Technologies, bringing its credit card issuing and processing capabilities fully in-house. The Tallied platform, a cloud-native and API-first operating system, already powers the bank's co-branded credit card programs and will now be a proprietary asset. The transaction was funded with cash on hand and is not expected to materially impact capital ratios, with integration and transition costs estimated at approximately $4.0 million over the next year. As a result, about $50 million of credit card balances that previously carried credit enhancement will convert to standard balances on the bank's balance sheet, allowing FinWise to retain full economics including interest income and interchange. Tallied's engineering and operations team has joined FinWise, ensuring continuity and accelerating the product roadmap.