Exclusive: FinWise announces strategic partnership with digital lender PowerPay

Investing.com09-25

Investing.com -- FinWise Bancorp (NASDAQ:FINW) has announced a new strategic lending program with financial technology group PowerPay to offer loans to consumers looking to carry out home improvement ...

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The company says it offers \"interest rates from 4.99%-14.99% for up to 15 years\" along with two years of deferred payments \"for those who qualify,\" the LinkedIn page showed.\nChief Executive Mike Petrakis said that, due to a \"significant increase\" in loan demand, the partnership with FinWise allows the group to \"increase the number of borrowers we can effectively support while also ensuring deep regulatory expertise and focus as we continue to scale the business.\"\nFinWise, which launched its initial public offering in 2021, aims to give \"banking and payments solutions to fintech brands.\" It has previously targeted expanding its operations this year.\nIn July, FinWise posted $3.2 million in second-quarter net income, down from $4.6 million in the corresponding period last year, due in part to an uptick in spending on \"business infrastructure.\" Loan originations, or the process by which a borrower applies for a loan, came in at $1.2 billion, matching the year-ago quarter.\nRelated Articles\nExclusive: FinWise announces strategic partnership with digital lender PowerPay\nWolverine Asset Management sells integrated wellness shares worth over $35k\nAugusta Gold Corp executive acquires $10,650 in shares","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2470989012"}