MURRAY, Utah – FinWise Bancorp, the parent company of FinWise Bank, announced the executive appointment of Jim Noone as President and Robert Wahlman as Chief Financial Officer, effective immediately. The leadership changes come as the company prepares to launch new fintech products, including Payments Hub and BIN Sponsorship offerings.
Jim Noone, who has served as President of FinWise Bank since joining the institution in February 2018, will now preside over the parent company, FinWise Bancorp. With over two decades of experience in the financial services industry, Noone has held roles in commercial banking, investment banking, and private equity. His tenure at the bank has seen him rise to Executive Vice President and Chief Credit Officer within months of his arrival.
Robert Wahlman joins FinWise with a substantial banking background, bringing over 35 years of experience, including nearly two decades as CFO for both private and publicly traded bank holding companies.
Wahlman's recent role as CFO of Axiom Bank and Axiom Bancshares, Inc. was marked by his contribution to returning the bank to profitability. His expertise extends to leading finance teams and serving on three bank boards of directors throughout his career.
Kent Landvatter, CEO of FinWise, expressed confidence in the bolstered leadership team's ability to drive the company's growth, especially with the upcoming fintech offerings. He also acknowledged Javvis Jacobson's significant contributions, including during the company's IPO, and looks forward to Jacobson's continued impact in his new role as Treasurer.
Wahlman expressed his enthusiasm for joining FinWise at a crucial time, aiming to enhance the company's position as a leading fintech banking solutions provider.
FinWise Bancorp has been focusing on reshaping the banking value chain through fintech enablement, positioning itself to assist fintechs with compliance oversight and risk management. The company's Strategic Program Lending business, which operates through an API-driven infrastructure, supports various programs for fintech brands and manages lending programs such as SBA 7(a), Real Estate, and Leasing.
This leadership announcement is based on a press release statement from FinWise Bancorp.
InvestingPro Insights
As FinWise Bancorp gears up to introduce new fintech products and strengthen its leadership team, investors and industry observers are closely monitoring the company's financial health and market performance. According to InvestingPro, FinWise Bancorp's market cap stands at a modest $127.55 million, reflecting the size and scale of the organization in the competitive banking and fintech landscape.
One of the InvestingPro Tips highlights that analysts have revised their earnings downwards for the upcoming period, which may suggest caution among experts regarding the company's short-term profitability prospects. Additionally, FinWise Bancorp's gross profit margins are described as weak, a factor that could impact the bottom line and investor sentiment.
Despite these challenges, the company has shown resilience with a strong return over the last month, as indicated by a 14.14% increase in the 1 Month Price Total Return. This positive momentum could be a sign of investor confidence in the strategic direction and leadership changes at FinWise Bancorp.
Investors considering FinWise Bancorp as part of their portfolio may want to explore further insights and tips available on InvestingPro. Currently, InvestingPro lists a total of 8 additional tips for FinWise Bancorp, which can be accessed through the dedicated page at https://www.investing.com/pro/FINW. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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