FinWise Bancorp Announces Strategic Lending Program with Plannery to Provide Debt Consolidation Loans to Healthcare Professionals

Core Insights - FinWise Bancorp has launched a new strategic lending program in partnership with Plannery, Inc., aimed at providing financial wellness solutions to healthcare employees [1][2][4] Company Overview - FinWise Bancorp is the parent company of FinWise Bank, focusing on comprehensive banking and payment solutions for fintech brands [5] - The company is diversifying its business model in 2024 by incorporating Payments Hub and BIN Sponsorship offerings [5] Product Details - The new loan product allows hospital systems to offer employees a way to consolidate and reduce interest rates on credit card and personal loans [2][3] - It features a payroll-linked payment structure designed to minimize missed payments and late fees, thereby enhancing financial stability for healthcare professionals [2] Strategic Partnership - The partnership with Plannery aims to combat financial stress among healthcare professionals, which is a significant factor in clinical burnout, and to support employee recruitment and retention [2][4] - Plannery will utilize FinWise's services to originate debt consolidation loans specifically for healthcare professionals, increasing access to affordable financing [4] Market Positioning - FinWise's existing Strategic Program Lending business supports deposit, lending, and payment programs for leading fintech brands, positioning the company for disciplined balance sheet growth [6] - The company emphasizes compliance oversight and risk management, ensuring regulatory compliance for fintech partners [6] About Plannery - Plannery is a financial wellness platform dedicated to healthcare professionals, aiming to assist them in eliminating debt and building wealth [7] - The platform partners with healthcare organizations to offer financial products as employee benefits, enhancing workforce recruitment and retention [7]