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View detailsBefore online banking was normal, there was BofI
In July 2000, Bank of Internet USA opened in San Diego with a simple proposition: a bank with no branches, no teller lines, no physical footprint. The timing was terrible — the dot-com bubble was bursting and internet-based financial services had become a punchline. But BofI wasn't a startup burning through venture capital. It was a federally chartered savings bank regulated by the Office of Thrift Supervision, backed by FDIC insurance, and designed to be profitable from day one by eliminating the overhead of brick-and-mortar banking.
The model worked. By passing branch savings on to customers through higher deposit rates and lower loan fees, BofI grew steadily while most online banking experiments from the same era disappeared. In 2005 it became the first internet-only bank to go public on a major exchange, listing on NASDAQ.
From BofI to Axos
In 2018, Bank of Internet USA rebranded to Axos Bank. The BofI name had become limiting as the bank expanded into business banking, auto lending, securities-backed lending, and white-label banking services. "Bank of Internet" sounded like a novelty from the early 2000s rather than a $20 billion financial institution. The Axos name, derived from "access," was designed to be more neutral and scalable.
The routing number didn't change. Axos Bank continues to use 124085024 — the same number originally assigned to BofI Federal Bank. The 124 prefix ties to the Federal Reserve Bank of San Francisco, consistent with the San Diego headquarters. If you held a BofI account before the rebrand, your routing number carried over seamlessly.
Routing number and transfers
124085024 works for ACH transfers, direct deposit, bill pay, and domestic wire transfers. For international wires, the SWIFT code is ABORNS21. Find your routing number by logging into Axos online banking or the mobile app under account details. Checks issued under the Bank of Internet USA name carry the same routing number.
Axos offers comprehensive wire transfer services for a digital bank — outgoing domestic wires can be initiated entirely online, and incoming wires settle same-day through the Fedwire system.
Two decades of quiet profitability
What distinguishes Axos from the wave of neobanks that arrived in the 2010s is longevity. Axos has been profitable for over 20 consecutive years. It holds its own charter, manages its own balance sheet, and earns net interest income by lending out deposits at a spread — the same model as a traditional bank, minus the real estate. As of recent filings, Axos holds roughly $22 billion in total assets and serves both consumer and commercial clients. Its white-label banking-as-a-service platform also powers deposit accounts for fintech partners, meaning some digital banking products you've used may have been running on Axos infrastructure without you knowing it.
What businesses can learn from the Axos playbook
Axos proved you don't need branches to build a real bank — you need sound infrastructure, regulatory compliance, and products that justify themselves on merit. Slash was built on the same conviction for business banking: no branch visits, no paper forms, no waiting days for a wire to clear. Instant virtual card creation, automated receipt matching, and financial controls that scale with headcount — business banking that Axos customers would recognize as sensible.
