A Product Market Fit Show | Startup Podcast for Founders How Mercury Hit $500M ARR—then raised $300M from Sequoia at $3.5B. | Immad Akhund, CEO & Founder of Mercury
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Jul 21, 2025 
Immad Akhund, CEO and Founder of Mercury, a rapidly growing fintech startup, shares his journey from launching Mercury to achieving $500M in annual revenue. He discusses how Mercury leveraged Twitter for explosive user growth and the surprising ease of fundraising without initial customers. Immad emphasizes the importance of defining company culture early and how this foundational element was crucial for their success. His insights on achieving product-market fit and navigating the challenges of startup growth are invaluable for aspiring entrepreneurs.
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Rapid Early Growth and Fundraising
- Mercury hit $1M ARR within about 4.5 months after launching.
- They raised a $20M Series A just 3 weeks after starting the raise.
Banking as Service Emerged in 2018
- Banking as a service platforms emerged around 2018 enabling easier fintech startups.
- Earlier fintech startups had to directly integrate with bank sponsors, which was complex.
Built for Himself
- Immad built Mercury to solve a pain he personally experienced as a startup founder.
- This personal connection fueled his passion and product empathy.