Challenges and Opportunities in Building a Neo Bank for the Middle Class

Incredibly excited for this conversation with Immad Akhund, the Founder of Mercury, a business bank for startups.  

Mercury was founded in 2017 when almost no on had tried to build to a neobank for business.  Today, Mercury has over 100,000 business customers and provides a suite of banking products

• Checking and Savings
• Credit Cards and expense management
• Treasury
• Venture Debt

In this conversation, we talk about just how hard, but rewarding the journey has been.  Each year has been radically different from previous:

• 2017 how?
• 2018 build!
• 2019 launch!
• 2020 covid
• 2021 ecommerce boom & tech bubble
• 2022 tech crash
• 2023 SVB fails...

Most recently, the failure of SVB, their primary incumbent competitor, was a huge accelerant of the business with $2 Billion in deposits flow in a matter of weeks.  

This is a great story of what it takes to build in fintech.