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.”