First Internet Bank launches a small-business checking account

First Internet Bank is ramping up its small-business banking capabilities.

The online-only bank in Fishers, Indiana, launched its Do More Business checking account on Monday. The account is aimed at small-business customers and will let them link their personal and business financial accounts — including those at other institutions — such as checking accounts, mortgage payments, credit cards and investments. 

It is the first release of the $4.1 billion-asset bank's Do More Business line of products for small-business owners. The bank already has a commercial checking account and various lending products, including Small Business Administration financing and commercial real estate loans.

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The idea behind the ability to aggregate financial accounts is that many new business owners draw from their personal checking accounts and credit cards when they start funding their businesses, and being able to see a comprehensive picture of their finances in one place can help them plan for the future and get clearer insights into their cash flow. 

"Balancing your professional and personal finances as a small business owner is daunting," said Nicole Lorch, president and chief operating officer of First Internet Bank, in a press release. "With Do More Business Checking, owners can more effectively manage their finances through a simple, intuitive user interface that displays a 360-degree overview of their finances."

In November 2021, First Internet announced that it would acquire First Century Bancorp in Roswell, Georgia, for $80 million, in a bid to expand into payments. In May, the deal was called off. Even though the Federal Reserve Board approved the transaction, the two banks were prevented from closing within the contractual window by statutory waiting periods and First Century terminated the agreement.