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Utah-based digital bank FinWise Bancorp postpones $58 million IPO

August 12, 2021

FinWise Bancorp, a Utah-based digital bank that offers loan and deposit services across the US, postponed its IPO on Thursday. It had filed to raise $58 million by offering 4.1 million shares (14% secondary) at a price range of $13 to $15.

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 March 31, 2021, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million. For the three months ended March 31, 2021, the bank originated $1.0 billion in total loans.

The Murray, UT-based company was founded in 1999 and booked $45 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol FINW. Piper Sandler was set to be the sole bookrunner on the deal.