FinWise Bancorp : Investor Deck May 2024

May 2024

Disclaimers

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of FinWise Bancorp ("FinWise," "we," "us," or the "Company") with respect to, among other things, future events and its financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "project," "projection," "forecast," "budget," "goal," "target," "would," "aim" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry and management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company's control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates and projections will be achieved. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause the Company's actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: (a) the success of the financial technology industry, as well as the continued evolution of the regulation of this industry; (b) the ability of the Company's Strategic Program or Fintech Banking Solutions service providers to comply with regulatory regimes, and the Company's ability to adequately oversee and monitor its Strategic Program and Fintech Banking Solutions service providers; (c) the Company's ability to maintain and grow its relationships with its service providers; (d) changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, monetary and fiscal matters, including the application of interest rate caps or maximums; (e) the Company's ability to keep pace with rapid technological changes in the industry or implement new technology effectively; (f) system failure or cybersecurity breaches of the Company's network security; (g) potential exposure to fraud, negligence, computer theft and cyber-crime and other disruptions in the Company's computer systems relating to its development and use of new technology platforms; (h) the Company's reliance on third-party service providers for core systems support, informational website hosting, internet services, online account opening and other processing services; (i) general economic and business conditions, either nationally or in the Company's market areas; (j) increased national or regional competition in the financial services industry; (k) the Company's ability to measure and manage its credit risk effectively and the potential deterioration of the business and economic conditions in the Company's primary market areas; (l) the adequacy of the Company's risk management framework; (m) the adequacy of the Company's allowance for credit losses ("ACL"); (n) the financial soundness of other financial institutions; (o) new lines of business or new products and services; (p) changes in Small Business Administration ("SBA") rules, regulations and loan products, including specifically the Section 7(a) program or changes to the status of the Bank as an SBA Preferred Lender; (q) the value of collateral securing the Company's loans; (r) the Company's levels of nonperforming assets; (s) losses from loan defaults; (t) the Company's ability to protect its intellectual property and the risks it faces with respect to claims and litigation initiated against the Company; (u) the Company's ability to implement its growth strategy; (v) the Company's ability to launch new products or services successfully; (w) the concentration of the Company's lending and depositor relationships through Strategic Programs in the financial technology industry generally; (x) interest-rate and liquidity risks; (y) the effectiveness of the Company's internal control over financial reporting and its ability to remediate any future material weakness in its internal control over financial reporting; (z) dependence on our management team and changes in management composition; (aa) the sufficiency of the Company's capital; (bb) compliance with laws and regulations, supervisory actions, the Dodd-Frank Act, capital requirements, the Bank Secrecy Act and other anti-money laundering laws, predatory lending laws, and other statutes and regulations; (cc) results of examinations of the Company by its regulators; (dd) the Company's involvement from time to time in legal proceedings; (ee) natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities or other international or domestic calamities, and other matters beyond the Company's control; (ff) future equity and debt issuances; (gg) that the anticipated benefits new lines of business that the Company may enter or investments or acquisitions the Company may make are not realized within the expected time frame or at all as a result of such things as the strength or weakness of the economy and competitive factors in the areas where the Company and such other businesses operate; and (hh) other factors listed from time to time in the Company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 10-Q and Form 8-K.

Any forward-looking statement speaks only as of the date of this release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence. In addition, the Company cannot assess the impact of each risk and uncertainty on its business or the extent to which any risk or uncertainty, or combination of risks and uncertainties, may cause actual results to differ materially from those contained in any forward-looking statements.

Market and industry data

This presentation includes estimates regarding market and industry data. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research. While we believe the estimated market and industry data included in this presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise.

Non-GAAP financial measures

Some of the financial measures included in this presentation are not measures of financial performance recognized by generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures are "tangible shareholders' equity," "tangible book value per share," and "efficiency ratio." We believe these non-GAAP financial measures provide useful information to management and investors; however, we acknowledge that our non-GAAP financial measures have limitations. As such, you should not view these measures as a substitute for results determined in accordance with GAAP. A reconciliation of such non-GAAP financial measures to the most closely related GAAP financial measures is included in the Appendix to this presentation.

Trademarks

"FinWise" and its logos and other trademarks referred to and included in this presentation belong to us and are protected by applicable laws. We refer to our trademarks in this presentation without the ® or the ™ or symbols for convenience. Other service marks, trademarks and trade names referred to in this presentation, if any, are the property of their respective owners, although for presentational convenience we may not use the ® or the ™ symbols to identify such trademarks.

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FinWise Overview - 2024 is a Expansion Year

Differentiated Business Model

Select Fintech Brands We Support

• Trusted banking and payments solutions provider to fintechs
• Resilient and profitable model with compelling growth opportunities

Reshaping the Banking & Payments Value Chain

• Compliance oversight and risk management-first culture, including regular dialogue with regulators
• Diversified and lower risk loan portfolio driven by disciplined underwriting and collateral management process
• Well capitalized significantly above federal regulatory standards
• Highly experienced team with proven track record
• Key Existing Businesses:

• • Strategic Program Lending. Scalable API-driven infrastructure powering deposit, lending and payments programs for leading fintech brands
  • Lending. SBA 7(a), Owner Occupied Real Estate, Leasing lending programs provide flexibility for disciplined balance sheet growth
• 2024 Key Initiatives - Expansion of Fintech Banking & Payments Solutions Offering:
• • Launch Payments Hub and BIN Sponsorship* and incorporate into current platforms. Provides opportunity to diversify current business model and drive further growth

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*Payments Hub and Bank Identification Number (BIN) Sponsorship are under development

Our Culture - Compliance at the Core

Consistent Investment in Personnel & Infrastructure Provides Regulatory Oversight Support to Fintechs

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Note: FTEs shown as of the end of each respective quarter; does not include FTEs in Governance and Operations

Current Business Model

Differentiated and Proven Strategy Offers Solid Foundation for Future Growth

Strategic Program

Lending

Contribution1	52.7%
Q1 '24 Gross Revenue

Balance Sheet Strategy:

• Mostly originate to sell
• Interest Income HFI & HFS
• Minimum program / other fees
• Each program establishes a "reserve" deposit account with FinWise

As of 3/31/24:

• Strategic Platform Loans on Bal. Sheet: $72.2M (76.1% HFS; 23.9% HFI)
• Q1 '24 Gain on Sale (net) and Strategic Program Fees: $4.4M or 79.7% of noninterest income

Target Customer:

• Consumers and small to medium- sized businesses (SMBs) via Fintech Platforms

SBA 7(a)

26.2%

Balance Sheet Strategy:

• Hold or sell guaranteed portion
• Retain all servicing rights when guaranteed portion is sold
• Utilize loan processing structure and relationship with Business Funding Group, LLC

As of 3/31/24:

• SBA Loans on Bal. Sheet: $247.8M (57.2% Guaranteed; 42.8% Unguaranteed)
• Q1 '24 SBA Gain on Sale (net) and Servicing Fees: $466K or 8.5% of noninterest income

Target Customer:

• SMBs

Residential & Owner

Occupied CRE

6.0%

Balance Sheet Strategy:

• All loans held on Bal Sheet
• Source of core deposits
• High-touch,relationship banking
• Historically stable and strong profitability

Product Overview:

• Consumer and commercial lending
• Construction lending focus on single-family residential

Target Customer:

• Single family residential and SMBs

Equipment Financing

5.3%

Balance Sheet Strategy:

• Originate for Investment
• Originations through vendor finance, additional third-party originators, direct channels
• Diversify balance sheet

Product Overview:

• Equipment secured leases/ loans
• Interest bearing (generally 60- month fixed rates)
• "Aurora" loan origination system provides scalability and automation

Target Customer:

• SMBs via Equipment point of sale
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1Does not include POS Lending Program which is an originate to hold strategy. Also does not include revenue from "Other", "Change in Fair Value on investment in BFG", and "SBA PPP"

Strategic Program Lending - Program Diversification Has Improved

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Note: Marketplace Lending concentration shown since 1Q22 to highlight longer-term pattern in recent years

2024 Expansion: Fintech Banking and Payments Solutions Offering

Launch of Payments Hub and BIN Sponsorship Enhances Ability to Scale and Drive Growth

Current Business Model

Business Model Post Expansion of Fintech Banking & Payments Solutions Offering1

Strategic

Program

Lending

Equipment

Financing

Equipment

Financing

Strategic

Program

Lending

Payments	Fintech
Hub1	Banking &

FinWise

SBA 7(a)

Resi. & Owner

Occupied CRE

FinWise Payments

Solutions

Resi. & Owner

Occupied CRE

BIN

Sponsorship1

SBA 7(a)

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• Payments Hub and Bank Identification Number (BIN) Sponsorship are under development. Note: "Fintech Banking Solutions" is used to describe our target market within the banking as a service ecosystem

Sizable Addressable Market

Fintechs & Non-Financials Expected to Seek Bank Partners that Provide Access to Financial Products

Estimated U.S. Market for Platforms and Enablers1

(Total Revenue Across Payments, Lending, Banking, Cards)

2021
2026

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• Source: Matt Harris, Blake Adams, Adam Davis, and Jeff Tijsse, "Embedded Finance: What It Takes to Prosper in the New Value Chain", 2022 (Bain & Company, Inc.)

Differentiators of Fintech Banking and Payments Solutions Offering

Payments Hub

• Ease of Use. Brings multiple payments types under one application. Ability to see all payments through a single source
• Payment Control. Allows service providers (fintechs) to embed multiple options to move money in /out of their ecosystem
• Cost Effective. Business rules help optimize the payment type for users' parameters. Reduces number of bank connected systems, lowering fees and software costs
• Strengthens Security. Single sign-on to manage access and real time fraud controls
• Modern Payment Rails. Access to the latest payment types such as faster and real-time payments

• Payment rails included: ACH, Same Day ACH (SDA), Wires, Visa Direct and/or Mastercard Send, Mastercard RPPS, The Clearing House RTP and FedNow

Bank Identification Number (BIN) Sponsorship

• Compliance-firstCulture. Significant knowledge of compliance practices required to manage a BIN sponsorship program. Regular interactions with our regulators
• Differentiated Tech Approach and Integration. Provides Bank with more control for compliance oversight and more robust solutions as service providers (fintechs) expand their operations
• Focus. Limit number of processors, vendors and service providers to streamline efficiencies and oversight
• Extensive Experience. Team has nearly 90 years of combined expertise in banking, payments and fintech

Target Customers: Fintechs that serve the needs of corporations and small business with existing transaction volume and a proven track record of success. We look for business opportunities with Fintechs that are well funded, have an experienced management team, plan to drive a minimum of $100M in activity annually and have a compliance-first mentality.

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*Payments Hub and Bank Identification Number (BIN) Sponsorship are under development

Potential Long-term Benefits from Fintech Banking and Payments Solutions Offering

Revenue	Deposits	Credit Quality	Profitability
Expands and diversifies	Helps diversify deposit	Increases percentage	Use of outsourced
potential sources	composition and reduce	of Prime loans	solutions enhances
of revenue	cost of funds through		operating leverage versus
	relationship-banking		traditional models

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*Payments Hub and Bank Identification Number (BIN) Sponsorship are under development. Note: "Potential Long-term Benefits" describe the Company's expectations of potential benefits to the overall FinWise business model