Robert Keil
About Robert Keil
Robert Keil is Executive Vice President and Chief Fintech Officer at FinWise Bank, responsible for Strategic Programs, existing partner management, and growth initiatives; he joined FinWise in 2023 and was promoted to EVP in February 2024. He has 25+ years in payments and Banking-as-a-Service (BaaS), previously serving as SVP/Chief Payments Officer at Sutton Bank (Oct 2021–Feb 2023), and VP of Fintech & Emerging Payments at Fiserv (Nov 2017–Jul 2021), with prior roles at U.S. Bank and Wells Fargo . During his tenure, FinWise announced new fintech partnerships (DreamFi, Tallied) that expand card/BIN sponsorship and embedded credit, areas aligned to his remit . Company performance context: net income was $12.176m for the nine months ended Sep 30, 2025 vs $9.949m for the nine months ended Sep 30, 2024, and the company initiated segment reporting in 3Q25 (Traditional Banking, BaaS, Treasury/Admin), underscoring strategic focus on Keil’s domain .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sutton Bank | SVP & Chief Payments Officer | Oct 2021 – Feb 2023 | Led issuer/payments capabilities relevant to BaaS/sponsorship |
| Fiserv | VP, Fintech & Emerging Payments | Nov 2017 – Jul 2021 | Partnered with fintechs on emerging payments; issuer/processor ecosystem |
| U.S. Bank | Various roles | Not disclosed | Large-bank payments experience |
| Wells Fargo | Various roles | Not disclosed | Large-bank payments experience |
Fixed Compensation
- Keil’s individual base salary, target bonus and actual bonus are not separately disclosed in the 2025 proxy (named executive officers were CEO Landvatter, President/Bank CEO Noone, and CFO Wahlman) .
- For context on program design used for executives: FINW’s Cash Bonus Plan bases payouts on pre-tax net income with linear interpolation between threshold (60% of target) and maximum; targets in 2024 were set (e.g., CEO target $575k; President $400k; CFO $300k; actual bonuses paid were $402,500; $300,000; $300,000 respectively) .
Performance Compensation
| Component | Metric | Weighting | Target | Actual/Payout | Vesting/Conditions |
|---|---|---|---|---|---|
| Annual cash bonus (executives) | Company pre-tax net income | Not disclosed (plan-level metric) | Threshold 60% of target to max; linear interpolation | 2024 actual bonuses: CEO $402,500; President $300,000; CFO $300,000 | Annual cash; plan allows up to 25% downward risk adjustment by committee |
| Equity – RSUs (2024 grants) | Service-based (time vesting) | N/A | Fixed share grants | Grant-date fair value disclosed for NEOs | Vest in 5 equal installments on anniversaries of May 28, 2024 (select grants had 80% effective 5/28 and 20% on 7/3/24) |
| Equity – Options (prior cycles) | ROAA performance for certain awards | N/A | ROAA thresholds for performance options (e.g., 2022/2023) | N/A | Options generally 1–10 year terms; performance-vesting for certain grants |
| Equity – All future awards (policy change Apr 2025) | Bank ROAA must exceed FDIC industry average | Performance condition applies to future awards | Conditioned on prior-year ROAA vs FDIC average | N/A | Board set all future equity awards to vest only if ROAA exceeds FDIC average prior to vest date |
Notes
- Keil-specific equity grant quantities/values were not disclosed; tables reflect plan structure and disclosed NEO outcomes where available .
Equity Ownership & Alignment
- Individual beneficial ownership for Keil is not listed in the proxy’s ownership table (which covers directors/NEOs and >5% holders). Group total (directors and executive officers as a group, 15 persons): 2,938,447 shares (21.3%); CEO Landvatter 1,174,032 (8.7%) .
- Insider Trading Policy: blackout windows apply; preclearance required; 10b5-1 plans permitted with approval; no adoptions/modifications/terminations of Rule 10b5-1 or non-Rule 10b5-1 trading arrangements by any director or officer in 3Q25, per 10-Q Item 5 .
- Hedging/pledging: the Board discourages derivative/speculative transactions involving unvested stock (including hedging or pledging unvested stock) but does not have an outright prohibition on such transactions, a governance caution vs. stricter peers .
- Stock plans and supply cadence: company-wide, 327,363 RSUs were granted and 146,538 RSUs vested in the nine months ended Sep 30, 2025; unrecognized RSU expense ~$5.7m (avg ~2.0 years remaining), indicating ongoing equity flow that can create periodic supply around vest dates; options outstanding 820,250 (WAE $5.80) with 765,333 exercisable as of Sep 30, 2025 .
- Change-in-control: on a CIC where FINW is not the survivor, the Compensation Committee may have awards assumed/replaced or allow vesting (discretionary acceleration possible) .
- Clawback: Nasdaq-compliant compensation recoupment policy adopted Nov 28, 2023, covering incentive comp tied to financial metrics in the event of restatement (3-year lookback) .
Employment Terms
- Role/tenure: Joined FinWise in 2023 as SVP and Chief Fintech Officer; named EVP in Feb 2024 .
- Employment contract, severance, non-compete: Not disclosed for Keil in the 2025 proxy. For reference, CFO’s 2024 offer letter included base salary, target bonus, equity value target, and a one-time $185,000 relocation bonus (later replaced by $150,000 cash in 2025)—no severance terms disclosed there either .
- Indemnification: Officers are indemnified to the fullest extent permitted under Utah law per Articles/Bylaws; D&O insurance in place, consistent with attracting/retaining executives .
Performance & Track Record (Recent Highlights)
- Business development:
- DreamFi strategic program to expand financial inclusion offerings (debit, checking, ATM network) with potential expansion to lending and secured credit; Keil quoted emphasizing expansion of card/BIN sponsorship .
- Tallied partnership to launch co-branded Consumer and Business Rewards World Elite Mastercard programs; Keil highlighted expansion of cards sponsor business and diversification toward interest and fee income .
- Financial context: Net income of $12.176m (9M’25) vs $9.949m (9M’24); added segment reporting in 3Q25 including a dedicated BaaS segment, aligning with Keil’s operating scope .
Related Party/Conflicts (Governance Context)
- Insider and related-party controls: policies for related party transactions administered by Audit Committee; significant ongoing relationships (e.g., BFG) fully described and governed by standstill/right-of-first-refusal/option framework; Board oversight processes in place .
Compensation Committee/Peer Group Context
- Independent Compensation Committee (Giordano, Reynolds, Hutchings, Nievaard) uses Hunt Financial Group for market data; peer set focuses on fintech-active comparables rather than traditional community banks .
Investment Implications
- Pay-for-performance alignment is strengthening: the April 2025 shift to require ROAA above FDIC industry average for future equity vesting tightens link between long-term incentives and outperforming industry profitability—supportive for retention of high-impact fintech leaders like Keil and for shareholder alignment .
- Vesting/supply dynamics: company-wide RSUs vest across 1–5 years; 2024 grants vest annually around May 28, creating predictable potential supply windows; options are largely in-the-money with 765k exercisable, implying occasional exercises—monitor Form 4s for Keil-specific activity once available .
- Governance watch items: absence of an outright hedging/pledging prohibition (policy “discourages” rather than “prohibits”) is a yellow flag vs. large-cap best practice; that said, FINW maintains blackouts, preclearance, and a Nasdaq-compliant clawback .
- Execution risk vs. opportunity: Keil’s remit directly ties to BaaS/cards growth; newly disclosed segment reporting and announced partnerships indicate strategic momentum, but scaling card/BIN sponsorship carries compliance, credit enhancement, and unit economics execution risk—areas explicitly managed under his scope and cited by management in MD&A (e.g., deferred compensation and credit enhancement expenses) .
Citations
- Executive bio, role, tenure:
- Partnerships and quotes: DreamFi ; Tallied
- Bonus plan mechanics and NEO payouts:
- Equity vesting schedules and performance conditions:
- Ownership table (directors/NEOs), group ownership:
- Insider trading policy; hedging/pledging posture; clawback:
- Options/RSUs activity, overhang, expense:
- Net income (9M YoY) and segment reporting:
- Indemnification provisions:
- Related-party policy and BFG arrangements:
- Compensation Committee independence and consultant: