FinWise Bancorp Announces Strategic Lending and Credit Enhanced Balance Sheet Program with Backd to Support Business Owners

Core Insights - FinWise Bancorp has launched a strategic lending program in partnership with fintech Backd Business Funding to provide business installment loans to small and medium-sized businesses [1][2] - The partnership allows FinWise to offer Backd access to its Credit Enhanced Balance Sheet program, enhancing capital efficiency and diversifying funding sources [2][3] - Backd aims to empower SMBs in the U.S. with fast financing solutions, highlighting the significant market potential as SMBs represent nearly 44% of overall GDP and a $734 billion digital lending market [3] Company Overview - FinWise Bancorp provides banking and payment solutions to fintech brands, with a focus on scalable API-driven infrastructure for deposit, lending, and payment programs [5] - The company manages various lending programs, including SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, while also expanding into Payments and BIN Sponsorship offerings [5] - FinWise emphasizes compliance oversight and risk management to assist fintechs in navigating regulatory requirements [5] Backd Overview - Backd was established to support entrepreneurs by providing fast and flexible financing solutions to address critical financial challenges [4][5] - The company focuses on transparency, integrity, and partnership, aiming to help business owners overcome obstacles and drive growth [4][5] - Backd has demonstrated success in sectors such as healthcare and e-commerce, indicating a strong potential for growth in the SMB financing market [3]