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First Internet Bank Expands Banking as a Service Capabilities
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
First Internet Bank has entered a partnership with Synctera to enhance its Banking as a Service offerings. This collaboration aims to support fintech innovation while expanding the bank's capabilities. CEO David Becker highlighted that the scalable tech stack provided by Synctera will allow First Internet Bank to strengthen its services for small business owners and entrepreneurs. As of September 30, 2021, the bank reported assets totaling $4.3 billion.
Positive
Partnership with Synctera enhances Banking as a Service capabilities.
Supports small business owners and entrepreneurs with improved infrastructure.
Scalable technology allows efficient growth and risk mitigation.
Negative
None.
Announces Partnership with Synctera
FISHERS, Ind.--(BUSINESS WIRE)--
Today, First Internet Bank announced a formal agreement with Synctera, a leading consultant, technology platform and matchmaker for bank/fintech partnerships. The partnership provides First Internet Bank with new resources to expand its Banking as a Service offerings and build upon its rich history of innovation in the delivery of digital financial services and products.
“Expanding our Banking as a Service capabilities furthers First Internet Bank’s position as a premier provider of banking solutions for small business owners and entrepreneurs,” said David Becker, Chairman and Chief Executive Officer. “By providing foundational banking infrastructure, we are better able to support the phenomenal innovation fintech founders are bringing to market. Synctera’s tech stack is scalable, allowing us to grow and nurture fintech partnerships efficiently while mitigating risk.”
“We’re super excited to be able to help bring First Internet Bank’s internet-only philosophy for banking to the next phase by working with fintechs in our ecosystem,” said Peter Hazlehurst, Co-Founder and CEO at Synctera. “With Synctera, First Internet Bank will be able to deepen its roots within the fintech space - supporting amazing founders with great ideas, while being able to scale efficiently and generate a new stream of revenue.”
For more information about First Internet Bank, please visit firstib.com.
For more information about Synctera, please visit synctera.com.
About First Internet Bank
With assets of $4.3 billion as of September 30, 2021, the Bank provides consumer and small business deposits, SBA financing, consumer loans, residential mortgages and specialty finance services nationally. The Bank also offers commercial real estate loans, commercial and industrial loans and treasury management services. 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). First Internet Bank is a member FDIC.
About Synctera
Synctera brings banks and fintechs together via a marketplace model and provides a technology platform that allows them to partner more effectively and efficiently, reducing risk and speeding up time to market. Launched in 2020, the company was co-founded by CEO Peter Hazlehurst, former head of Uber Money, head of Google Wallet and CPO at Yodlee, as well as CTO, Kris Hansen and Head of Product, Dominik Weisserth. For more information, please visit www.synctera.com.
