EP 68: Immad Akhund (CEO, Mercury) on How Mercury Added $2 Billion in Deposits After SVB Collapse
The Logan Bartlett Show
The Origins of Mercury
The founder of mercury talks about how he landed on the idea for mercury. He says it was a combination of factors including moving from the UK to the US and banks being better there. The company is now in its fourth year but has raised more than $100 million so far.
Immad Akhund is a serial entrepreneur and the CEO of Mercury, a FinTech Platform that was in the headlines recently for being the biggest beneficiary of the SVB crisis. In the 6 days after the crash, Mercury took in over $2B in new deposits from companies leaving SVB and raised FDIC insurance from 1 to 3 to $5M in a week. Immad is also known for being one of the best fundraisers in the game and shared advice for Founders and Investors. Overall an awesome conversation about what’s wrong with banking today.
Immad is also known for being one of the best fundraisers in the game and shared advice for Founders and Investors. Overall an awesome conversation about what’s wrong with banking today.
(0:00) Intro
(1:29) Adam Neumann's couch
(4:03) No FinTech background
(10:51) What is Mercury?
(18:37) What does Mercury do?
(27:14) Picking partner or sponsor banks
(39:57) Uninsured deposits
(50:59) What was the impetus for being so clear in your mission statement?
(54:50) FDIC Insurance
(1:09:35) Convoluted and esoteric US banking system
(1:15:43) The day SVB played out
(1:20:33) Why would you bank with anyone but JP Morgan?
(1:24:30) The idea for Mercury
(1:28:14) Will Mercury become a bank?
(1:35:02) Tweeting Keith Rabois
(1:40:02) Finding product market fit
(1:46:31) Having a big network and strong relationships
Mixed and edited: Justin Hrabovsky
Produced: Rashad Assir
Executive Producer: Josh Machiz
Music: Griff Lawson
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About the Show
Logan Bartlett is a Software Investor at Redpoint Ventures - a Silicon Valley-based VC with $6B AUM and investments in Snowflake, DraftKings, Twilio, and Netflix. In each episode, Logan goes behind the scenes with world-class entrepreneurs and investors. If you're interested in the real inside baseball of tech, entrepreneurship, and start-up investing, tune in every Friday for new episodes.
Executive Producer: Rashad Assir
Producer: Leah Clapper
Mixing and editing: Justin Hrabovsky
Check out Unsupervised Learning, Redpoint's AI Podcast: https://www.youtube.com/@UCUl-s_Vp-Kkk_XVyDylNwLA
🎥 Subscribe on YouTube: https://www.youtube.com/channel/UCugS0jD5IAdoqzjaNYzns7w?sub_confirmation=1
Follow on Socials
📸 Instagram - https://www.instagram.com/theloganbartlettshow
📱 X - https://twitter.com/loganbartshow
🎬 Clips on TikTok - https://www.tiktok.com/@theloganbartlettshow
About the Show
Logan Bartlett is a Software Investor at Redpoint Ventures - a Silicon Valley-based VC with $6B AUM and investments in Snowflake, DraftKings, Twilio, and Netflix. In each episode of The Logan Bartlett Show, we sit down with the people behind today’s most important startups and extract the tactics, lessons, and frameworks they’ve learned the hard way. Conversations span hiring to GTM, product, growth, fundraising and everything in between - collectively forming the ultimate playbook to make you a better CEO, investor or board member.
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