FinWise in Utah brings credit card processing in-house with acquisition
FinWise Bancorp in Murray, Utah, has acquired the technology platform and related assets of Tallied Technologies.
FinWise did not disclose how much it paid for the credit card issuance and processing platform behind its co-branded credit card programs. FinWise now owns its card technology stack from application through issuing, processing and servicing, retaining the fees, interchange and interest economics for programs running on the Tallied platform.
Tallied’s engineering and operations team has joined FinWise.
FinWise expects integration and transition costs of about $4 million over the next year.
“This acquisition is the logical next step in the technology roadmap we have been executing for several years,” Jim Noone, FinWise’s CEO, said in a press release. “We worked closely with this platform over the last 12 months and when it became available, the strategic decision was to purchase it.”
Because Tallied will no longer serve as a third-party program manager, about $50 million of credit card balances that were carried credit enhancement will convert to standard credit card balances on the bank’s balance sheet. The company’s prior guidance of about $217 million in credit-enhanced balances by the end of 2026 no longer applies.