First Internet Bank
First Internet Bank is a digital-first, FDIC-insured community bank founded in 1999, operating without physical branches to serve US consumers and small businesses nationwide through online and mobile channels. Its product suite spans consumer deposit and lending products, commercial banking, SBA lending, and fintech partnership (BaaS) offerings, with assets of approximately $5.6-6.1 billion.
- Company typePublic
- Founded1999
- HeadquartersFishers, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What First Internet Bank does
First Internet Bank of Indiana is a state-chartered, FDIC-insured digital-first bank founded on February 22, 1999 by David Becker as the first internet-only bank of its kind in the United States. Operating exclusively through digital channels with no physical branches, the bank is a wholly-owned subsidiary of publicly traded First Internet Bancorp (ticker: INBK) and serves consumer and commercial customers nationwide. As of late 2025, the bank held approximately $5.6-6.1 billion in total assets and employed 355 full-time equivalents from its headquarters in Fishers, Indiana.
The bank's product platform spans consumer banking (checking, savings including a Money Market Savings paying 3.09% APY, CDs, auto and student loans, a cashback Visa credit card, HSA accounts, and Kids Savings) and commercial banking (Do More Business Checking with unlimited transactions and no monthly fees, Business Savings and CDs, commercial checking, SBA lending, commercial banking, dealer services, and equipment leasing). The technology stack is built on FiNet, the bank's proprietary real-time internet banking platform that processes transactions without batch delays, protected by 128-bit SSL encryption and firewall servers. AI capabilities are deployed primarily through partnerships: the Parlay Finance AI-native Loan Intelligence System integrated into SBA underwriting and the Lumos AI platform for SBA delinquency monitoring, supplemented by an internally developed predictive analytics tool for loan performance forecasting. Distribution is multi-modal: direct-to-consumer via website and iOS/Android mobile apps, dedicated commercial and SBA servicing portals, and banking-as-a-service partnerships with Pool United (multi-user accounts with Visa debit), Jaris/Paysafe (instant payouts to SMBs), and Parlay Finance.
The business model is anchored in net interest income from loans and securities net of deposit costs, augmented by transaction and service fees and credit card income. Q3 2025 adjusted total revenue grew 30% year-over-year to $43.5 million, and Q1 2026 reported revenue of $43.12 million with EPS of $0.29 substantially beating analyst expectations of $0.08. The bank differentiates on a no-branch cost structure that funds competitive deposit rates, fee-free core business checking, and AI-accelerated SMB lending, and pursues growth through embedded-banking partnerships and veteran-business lending initiatives rather than branch expansion.
First Internet Bank firmographics
Firmographics- Name
- First Internet Bank
- Legal name
- First Internet Bank of Indiana
- Website
- https://firstib.com
- Company type
- Public
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- First Internet Bank is a digital-first, FDIC-insured community bank founded in 1999, operating without physical branches to serve US consumers and small businesses nationwide through online and mobile channels. Its product suite spans consumer deposit and lending products, commercial banking, SBA lending, and fintech partnership (BaaS) offerings, with assets of approximately $5.6-6.1 billion.
- Ownership category
- akta.pro rank
First Internet Bank industry classification
Industry- Product category
- Retail Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)
- SIC
- State Commercial Banks (6022), Personal Credit Institutions (6141), Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Digital Retail Banking (Online & Mobile) (FSABAAAF)
- akta.pro secondary industries
- Digital Banking & Neobank Platforms (BPAMAFAD), Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
Keywords
Where First Internet Bank is headquartered
LocationHeadquarters
- HQ city
- Fishers
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
First Internet Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Net Interest Income: Interest earned on loans and investment securities minus interest paid on deposits. Primary revenue driver for the bank holding company.
- Transaction and Service Fees: Fees from account maintenance, wire transfers, ATM usage, overdraft services, and other banking transaction services
- Credit Card Income: Interest income on credit card balances, annual fees, late fees, and interchange fees on Commercial Classic and Cashback credit cards
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Do More Business Checking: No minimum balance, no monthly fees, unlimited transactions, Zelle enabled |
| Subscription | Monthly | Personal Money Market Savings: 3.09% APY with $100 minimum opening deposit |
| Subscription | Monthly | Business Checking: Earn 0.50% APY with $10,000 average daily balance |
| Subscription | Monthly | Commercial Classic Credit Card: Prime Rate + 7.99% margin for purchases |
| Subscription | Annual | Commercial Cashback Credit Card: $29 annual fee, 1% cash back on purchases |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels5 records
First Internet Bank product offering
Product offeringCore offering
First Internet Bank is a digital-first, FDIC-insured bank operating entirely online since 1999. It provides consumer banking products (checking, savings, CDs, auto and student loans, credit cards, HSAs) and business banking services (business checking, savings, CDs, SBA loans, commercial banking, dealer services, equipment leasing, fintech partnerships). The bank differentiates through real-time transaction processing, no physical branches, competitive interest rates, and AI-driven lending tools.
Product overview
First Internet Bank is a digital-first banking platform offering a comprehensive suite of consumer and business banking products. The platform operates on a unified digital banking infrastructure with products organized into Personal Banking (checking, savings, CDs, loans, credit cards) and Business Banking (checking, savings, CDs, commercial services, SBA loans, equipment leasing, fintech partnerships). Key differentiators include AI-powered lending tools (Parlay Finance LIS, Lumos predictive analytics), Zelle integration for instant payments, and the Balance Optimizer feature for automatic fund optimization. The bank serves both consumer and commercial customers nationwide through fully digital channels, with no physical branches.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking
Quantifiable outcome
- Earn 3.09% APY on Money Market Savings, 5x the national average of 0.57%
- +3 more outcomes
Companies that use First Internet Bank
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles5 records
First Internet Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability3 records
Feature3 records
First Internet Bank partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered minor, strategic and core.
- Indiana Bankers AssociationminorAnne Sharkey, SVP and Chief Risk Officer, participates as panelist at IBA MEGA 2026 Conference focusing on elevating risk management practices and building partnerships between risk and business functions in community banking.
- NachaminorFirst Internet Bank speaks at Nacha Smarter Faster Payments 2026 Conference on spotlight session 'A Collaborative Vision of Customer Experience for the Future' exploring how FIs and fintechs can strengthen customer experience in digital payments.
- Owners In Honor™strategicCollaboration to promote veteran business ownership through sponsorship of the Entrepreneurship Through Acquisition (ETA) program, including educational initiatives, Dallas veteran event, and new lending modules focused on acquisition finance supporting veteran economic mobility.
- JariscoreJaris expanded partnership with Paysafe to offer Jaris Instant Payouts to tens of thousands of SMBs across Paysafe's U.S. merchant network. First Internet Bank provides banking services and credit products integrated with Paysafe's existing Jaris-powered business loan offerings.
- PaysafecorePaysafe merchant network partnership enabling Jaris Instant Payouts for SMBs. First Internet Bank provides banking services and credit products integrated into Paysafe's payment ecosystem.
- Pool United, Inc.corePartnership to launch Pool multi-user financial account with Visa debit card enabling consumers to add multiple users with role-based permissions. Pool raised $4.5M in venture capital and the product targets collaborative money management for shared households, community organizations, and small groups.
- Parlay FinancecorePartnership to modernize SBA lending through implementation of Parlay's AI-native Loan Intelligence System (LIS) enabling faster loan decisions, increased application processing efficiency, and improved borrower experience.
Scale indicators7 records
Recent moves7 records
Expansion highlights6 records
First Internet Bank competitors and assessment
Company assessmentDirect peers
- Ally Financial: Direct digital-first retail bank competitor explicitly named in First Internet Bank's GTM materials. Both offer online checking, savings, CDs, and consumer lending with no physical branches and competitive deposit rates, targeting the same nationwide digital-first consumer base.
- SoFi Technologies: Named direct competitor in First Internet Bank's GTM materials. SoFi is a larger digital-first platform combining banking, lending, and investing — competing head-to-head for the same digitally native consumer and small business customer segments with broader product breadth.
- Live Oak Bancorp: Public digital-focused bank with deep specialization in SBA lending and fintech-banking partnership infrastructure. Highly comparable business model to First Internet Bank's SBA + fintech partnership strategy, making it the closest pure-play peer for the bank's growth narrative.
- Axos Financial: Digital-first FDIC-insured bank offering consumer and business banking products online with no physical branches. Comparable model of nationwide digital distribution, competitive deposit pricing, and growing commercial / SBA presence, though at meaningfully larger scale.
- LendingClub: Digital-first bank holding company (post-bank charter acquisition) offering deposit products alongside consumer and SMB lending. Comparable in digital-only distribution and rate-competitive deposit gathering, with overlap in unsecured consumer credit and small-business finance.
Broad incumbents
- Discover Financial Services: Large direct-to-consumer bank and card issuer with branchless deposit gathering, credit cards, and personal loans. Overlaps with First Internet Bank in cashback card product, deposit account competition, and digital-only consumer acquisition motion.
- Synchrony Financial: Major digital-first consumer lender and deposit gatherer with branchless Synchrony Bank. Comparable in credit card income streams, deposit gathering via rate-led proposition, and digital-first consumer acquisition — though Synchrony's primary orientation is private-label and partner card financing.
Regional players
- Customers Bancorp: Commercial and digital-bank holding company operating Customers Bank with a digital-banking focus. Comparable commercial banking, embedded banking / BaaS offerings, and SBA-adjacent commercial credit — relevant peer for the bank's commercial and fintech partnership revenue streams.
Emerging players
- Green Dot Corporation: Digital banking and money movement platform serving underbanked consumers and fintech partners via Banking-as-a-Service infrastructure. Highly comparable to First Internet Bank's BaaS motion (Pool, Jaris, Parlay) and provides a benchmark for BaaS-led deposit and fee monetization.
- Stride Bank: Oklahoma-chartered bank heavily focused on Banking-as-a-Service and fintech partnerships. Comparable as a sponsor bank for embedded finance products and as a reference point for how a regional community bank can scale via BaaS revenue without branches.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks2 records
Key highlights7 records
Customer concentration
First Internet Bank social profiles
Digital presenceFirst Internet Bank compliance and trust
Trust signalCompliance3 records
First Internet Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Internet Bank leadership team
Management profileNumber of profiles
Profiles6 records
First Internet Bank subsidiaries and ownership
Company hierarchySubsidiaries2 records
First Internet Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Internet Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Internet Bank
What does First Internet Bank do?
First Internet Bank is a digital-first, FDIC-insured bank operating entirely online since 1999. It provides consumer banking products (checking, savings, CDs, auto and student loans, credit cards, HSAs) and business banking services (business checking, savings, CDs, SBA loans, commercial banking, dealer services, equipment leasing, fintech partnerships). The bank differentiates through real-time transaction processing, no physical branches, competitive interest rates, and AI-driven lending tools.
Is First Internet Bank a public or private company?
First Internet Bank is a public company. It is classified as public and is currently operating.
When was First Internet Bank founded?
First Internet Bank was founded in 1999. It employs 251 to 500 people.
Where is First Internet Bank based?
First Internet Bank is headquartered in Fishers, United States, in the North America region.
How does First Internet Bank make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are transaction and Service Fees and credit Card Income.
Who are First Internet Bank's main competitors?
Direct peers on record are Ally Financial, SoFi Technologies, Live Oak Bancorp, Axos Financial and LendingClub. Broad incumbents are Discover Financial Services and Synchrony Financial. Customers Bancorp is listed as a regional player. Emerging players are Green Dot Corporation and Stride Bank.
Does First Internet Bank have an API?
No public API is recorded for First Internet Bank.
What industry is First Internet Bank in?
First Internet Bank's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAF, Digital Retail Banking (Online & Mobile), with a secondary code of BPAMAFAD, Digital Banking & Neobank Platforms. Its NAICS code is 52211 and its SIC code is 6022.