SweetPay News Release

New SweetPay lender partner enables TrueZer0 financing option

Crozet, Virginia January 26, 2022 – SweetPay, a rapidly-growing Fintech platform, announced today its affiliation with FinWise Bank and the launch of its TrueZer0™ financing program. SweetPay’s innovative point-of-need lending platform now can offer FinWise Bank as a loan option for prime and near-prime consumers and, can do so with TrueZer0™ promotions.

FinWise is well-established as a leading FinTech, lending both in direct-to-merchant (DTM) and direct-to-consumer (DTC) marketplaces. They power some of the largest Fintechs through their Bank Sponsorship program and are now powering SweetPay with a strong DTM product in the home improvement and related marketplaces.

TrueZer0 is a game-changer in point-of-need financing. Traditional deferred interest or same-as-cash promotions create a near-term financing “cliff” for many consumers. A 12-month, zero percent interest promotion sounds appealing at first. But, it creates artificially high large monthly payments for the consumer to be paid over a relatively short period of time so as not to fall off the “cliff”. While many consumers can and do pay down the debt in time, quite a few do not, thereby being charged the accrued interest for the entire promotion term at a very high rate.

The TrueZer0 difference is quite compelling. For example, on a $5,000 transaction with a 12-month promotion term, the deferred interest promotion would require the entire $5,000 to be paid back within 12 months, making the average monthly payment quite large. And, if the consumer needs a longer timeframe to pay, the interest costs alone can climb well above $2,000. With TrueZer0, not only is the monthly payment kept low – before and after the promotion term –but the cost of interest is in the hundreds of dollars, not thousands*. Consumers benefit from 0% interest without the “gotchas” of deferred interest products. Merchants pay equal to or less than the deferred interest products but can offer their customers a much better lending product.

“SweetPay’s leadership team has been instrumental in point-of-need financing for many years, said David Weyher, SweetPay’s founder and chief executive officer. We acutely understand the limitations

both lenders and merchants have with successfully processing at the point-of-need, including the cost of doing so. With our FinWise Bank partnership and the innovative TrueZer0 program, we can now offer a financing program and platform that works very effectively for both the consumer and merchant at the point-of-need.”

About SweetPay LLC

Offering a way for consumers to pay-over-time is crucial for businesses to be competitive. But, the options available for many businesses are either too limited, too complicated, or too costly. SweetPay solves this dilemma with an affordable, easy-to-use, and highly effective platform that allows businesses to offer its customers a sweet way to pay! We accomplish this by having industry-leading consumer lenders covering most credit tiers integrated into our platform and available to consumers in a simple, streamlined application process. For more information, visit www.sweetwaytopay.com.

About FinWise Bank

FinWise is the financial tech bank with a community heart. We offer big-bank security with community bank service. Our goal is to make financing, banking, and investing simple for friends and neighbors. When you call us, you talk to an expert, not a machine. When you visit us, we attend to you, not your account number. With on-the-go services like mobile banking and onsite advisors who can help you with your financial goals, we have everything you expect from a big bank, with none of the hassles. FinWise provides its customers with personalized financial wisdom.

FinWise Bank is an FDIC insured bank and an Equal House Lender.

*Compared to similar products on a 36-month amortization schedule.