First Internet Bank, a pioneer in the branchless delivery of banking services, today announced a national strategic partnership with Lendeavor, Inc., a San Francisco-based technology-enabled lender to healthcare practices.
The partnership comprises a loan-purchase agreement and an equity investment in Lendeavor by First Internet Bancorp, parent company of First Internet Bank, pending regulatory approval. In addition, David Becker, President and CEO of First Internet Bank and Chairman, President and CEO of First Internet Bancorp, will join Lendeavor’s Board of Directors.
The loan-purchase agreement includes a five-year commitment from First Internet Bank of up to $120 million annually to fund prime-quality business loans facilitating the growth and success of healthcare practices nationwide. The commitment will enable Lendeavor to meet growing demand.
“Healthcare finance is a rapidly growing industry, and this particular segment is one where we have a good history from a credit perspective,” said Becker. “We see this relationship as more than just an opportunity to continue to diversify our asset generation channels. We chose to partner with Lendeavor because they share our commitment to solving banking and financing challenges through extraordinary customer experience and innovative technology.”
“David Becker and the First Internet Bank team are the perfect partners for a scaling fintech company,” said Daniel Titcomb, co-founder and CEO of Lendeavor. “With an approach to innovation and flexibility we’ve not seen elsewhere in the industry, First Internet Bank enables us to give practice owners well-deserved access to a truly unparalleled combination of branchless banking products and streamlined practice financing.”
About First Internet Bank
First Internet Bank opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. With assets of $2.4 billion as of June 30, 2017, the Bank now provides consumer and small business deposit, consumer loan, residential mortgage, and specialty finance services nationally. The Bank also offers commercial real estate loans, commercial and industrial loans and treasury management services in select geographies. Additional information about the Bank, including its products and services, is available at www.firstib.com. The Bank is a wholly owned subsidiary of First Internet Bancorp (NASDAQ: INBK).
About Lendeavor
Founded in 2014 and based in San Francisco, Lendeavor, Inc. is a technology-enabled lender to healthcare practices. Practitioners use Lendeavor’s proprietary online platform to seamlessly obtain practice and commercial real estate loans of up to $5 million. Additional information about Lendeavor is available at www.Lendeavor.com.