"World of DaaS" Immad Akhund, CEO of Mercury: SVB, Neobanks, and UI
Jul 18, 2023
Immad Akhund, CEO of Mercury and prolific angel investor, shares insights on the chaotic aftermath of Silicon Valley Bank's collapse. He discusses how Mercury managed over $2 billion in new deposits, enhancing customer trust during turbulent times. The conversation delves into the evolving banking landscape, highlighting the benefits of innovative banks over traditional models. Akhund also explores the dual role of founders as investors and the importance of community-driven capital raising in startups, showcasing the vibrant San Francisco fintech culture.
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Mercury's SVB Rollercoaster
- Mercury saw over $2 billion in deposits after SVB's collapse, creating a rollercoaster experience.
- Immad Akhund and his team worked tirelessly, building new products like Mercury Vault to ensure customer confidence.
Building Under Pressure
- Build products during stressful times to stay energized and focused.
- Akhund and his team at Mercury focused on feature development during and after the SVB Crisis.
The Business of Banking
- Banks primarily profit from lending, not deposit banking.
- Deposit banking is a cost center for banks, explaining why their deposit products are often subpar.