First Internet Bancorp

What First Internet Bancorp does

First Internet Bancorp (NASDAQ: INBK) is the publicly traded holding company for First Internet Bank, founded in 1999 in Fishers, Indiana, as the first state-chartered, FDIC-insured institution to operate entirely online. The bank operates a branchless, digital-first model serving consumers, small businesses, and commercial clients nationwide, with $5.7 billion in total assets, $3.8 billion in total loan balances, and approximately 355 full-time equivalent employees as of December 31, 2025. The product portfolio spans consumer and small business deposit products (flagship: Do More Business Checking), consumer loans (residential mortgages, home equity, trailer and RV financing), and a diversified commercial lending platform covering SBA financing, commercial real estate, construction, franchise finance, public finance, healthcare finance, commercial and industrial loans, and single-tenant lease financing. The institution also provides treasury management services to commercial customers on a regional basis. Distribution is purely digital via the firstib.com website and mobile banking applications, supplemented by Banking-as-a-Service partnerships that channel fintech deposit relationships.

Underlying technology is a digital-first banking stack augmented by AI capabilities: an AI-native Loan Intelligence System for SBA lending (implemented via partnership with Parlay Finance in October 2025), AI-powered virtual customer service agents that autonomously resolve 45% of inquiries, and AI-based fraud detection agents processing structured transaction data. The bank integrates with Zelle through its Do More Business Checking product but does not expose a public or partner-facing API; no developer documentation or SDK presence is disclosed.

The revenue model is structured around two streams: net interest income from the loan and securities portfolio (Q1 2026: $31.6M, up 26% YoY) and noninterest income from service charges, loan servicing, gains on loan sales, and other fees (Q1 2026: $11.5M, up 10% YoY). Within noninterest income, Banking-as-a-Service fee revenue is the fastest-growing sub-stream, with reported growth above 200% year-over-year as fintech deposits reached $2.4 billion (up over 186% YoY) in Q1 2026. The bank is not PE- or VC-backed; founder David B. Becker remains Chairman and CEO with insider ownership signals, and the stock trades on the Nasdaq Global Select Market and is a component of the Russell 2000 Index.

Name

First Internet Bancorp

Legal name

First Internet Bancorp

Website

https://firstinternetbancorp.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

First Internet Bancorp (NASDAQ: INBK) is the publicly traded holding company for First Internet Bank, a digital-first, branchless institution founded in 1999 as America's first online bank. The $5.7 billion-asset bank serves consumer, small business, and commercial clients nationwide via online and mobile channels, with diversified specialty lending and Banking-as-a-Service partnerships.

Ownership category

akta.pro rank

Headquarters

HQ city

College Station

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from loan portfolio and securities minus interest paid on deposits and borrowings. Core banking revenue stream with 26% year-over-year growth in Q1 2026 to $31.6 million
2. Noninterest Income: Includes service charges and fees, loan servicing revenue, gain on sale of loans, and other banking fees. Q1 2026 noninterest income was $11.5 million, up 10% from prior year
3. Banking-as-a-Service (BaaS) Fees: Fee revenue from Banking-as-a-Service partnerships, with BaaS fee revenue exceeding 200% growth year-over-year

Distribution channels2 records

Marketing channels4 records

Core offering

First Internet Bancorp, through its wholly-owned subsidiary First Internet Bank, operates a digital-first branchless banking franchise offering consumer and small business deposit products (including the award-winning Do More Business Checking), commercial lending verticals (SBA financing, commercial real estate, construction, franchise finance, public finance, healthcare finance, C&I loans), consumer lending (mortgages, home equity, recreational vehicles), and Banking-as-a-Service infrastructure for fintech partners. The bank generates revenue primarily through net interest income on its loan portfolio and securities, plus noninterest income from service charges, loan servicing, gain on sale of loans, and BaaS fees.

Product overview

First Internet Bancorp operates as a bank holding company for First Internet Bank, America's first online bank established in 1999. The company offers a comprehensive digital banking platform with a branchless delivery model generating revenue through net interest income and fee-based services including Banking-as-a-Service (BaaS). The product portfolio centers on consumer and commercial deposit products (Do More Business Checking being the flagship business checking award-winner), complemented by diverse commercial lending verticals including SBA financing, commercial real estate, construction, franchise finance, public finance, healthcare finance, and C&I loans. Consumer lending includes residential mortgages, home equity, and specialty consumer financing for trailers and recreational vehicles. The bank also offers treasury management services and has recently invested in AI capabilities including virtual customer service agents and AI-enabled SBA lending through a partnership with Parlay Finance. Total assets were approximately $5.7 billion as of March 31, 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Do More Business™ Checking: Award-winning business checking account that eliminates monthly maintenance and overdraft fees with a $100 minimum opening deposit, offering unlimited transactions and Zelle integration.

Products and services

• Do More Business Checking Award-winning business checking account for small and medium-sized businesses that earns interest, eliminates monthly maintenance and overdraft fees, requires only a $100 minimum opening deposit, supports unlimited transactions, integrates Zelle for payments, and offers spending trend insights, budgeting tools, account linking, and funds transfer.
• Consumer and Small Business Deposits Digital-first deposit products including checking and savings accounts for consumers and small businesses, accessed through the bank's online and mobile banking platforms.
• Commercial Real Estate and Construction Loans Commercial real estate loans and construction financing offered nationally, including investor commercial real estate and owner-occupied commercial real estate lending.
• SBA Financing

Quantifiable outcome

• 45% of customer inquiries resolved by virtual customer service agents
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Parlay FinancecoreStrategic or Co-development Partner · 16 October 2025Parlay Finance partnered with First Internet Bank to implement its AI-native Loan Intelligence System (LIS) for SBA lending operations. The system enables faster loan decisions, processes more applications with increased efficiency, and delivers a better borrower experience for small business clients nationwide.
• Banking-as-a-Service (BaaS) PartnerscoreChannel Partner/ Reseller/ DistributorBanking-as-a-Service partnerships providing valuable deposit funding flexibility. BaaS fee revenue grew exceeding 200% year-over-year, with fintech deposits reaching $2.4 billion, up over 186% year-over-year.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Axos Financial: Formerly Bank of Internet, Axos Financial is a digital-first bank holding company offering consumer and business banking nationally without branches, making it the most directly comparable peer to First Internet's branchless online model.
• Live Oak Bancshares: Live Oak is a digital bank specializing in SBA lending nationwide, directly comparable to First Internet's SBA financing vertical and recent AI-enabled SBA lending investment. Both banks compete in small business loan origination at scale.
• SoFi Technologies: SoFi is a national digital bank offering consumer deposits, loans, and small business banking with no physical branches, competing for the same digitally-native consumer and SMB customers as First Internet.
• Customers Bancorp: Customers Bancorp operates a community banking franchise with a sizable BaaS/fintech banking division, making it directly comparable to First Internet's hybrid consumer/SMB/commercial model with BaaS as a growth pillar.
• Cross River Bank: Cross River is a state-chartered, FDIC-insured bank that built its franchise on Banking-as-a-Service partnerships with fintechs — the same BaaS deposit-gathering model that drove First Internet's 200%+ BaaS fee growth.
• LendingClub: LendingClub operates a national digital bank (LendingClub Bank) offering deposit products, consumer credit, and small business lending, making it a directly comparable online consumer/SMB bank.
• WebBank: WebBank is a Utah-chartered industrial bank specializing in BaaS and partnership lending, providing deposit and credit rails to fintechs. Directly comparable to First Internet's BaaS strategy of partnering with fintechs for deposit gathering.

Broad incumbents

• Pacific Premier Bancorp: Pacific Premier is a larger community bank with diversified commercial and specialty lending, comparable in size and SMB/commercial lending mix to First Internet, but with a traditional branch-based distribution model.
• NBHC National Bank Holdings: National Bank Holdings is a community-focused bank holding company in a similar size tier to First Internet, with comparable commercial and consumer banking products across multiple states.

Emerging players

• Mercury Financial: Mercury is a digital-first bank serving startups and SMBs through partner-bank BaaS rails, representing an emerging player in the same digitally-native SMB banking space that First Internet's BaaS partners serve.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/firstib
• Facebookfacebook.com/FirstInternetBank
• LinkedInlinkedin.com/company/first-internet-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Internet Bancorp