EP 68: Immad Akhund (CEO, Mercury) on How Mercury Added $2 Billion in Deposits After SVB Collapse

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 relationshipsMixed and edited: Justin HrabovskyProduced: Rashad AssirExecutive Producer: Josh MachizMusic: Griff Lawson🎙 Listen to the showApple Podcasts: https://podcasts.apple.com/us/podcast/three-cartoon-avatars/id1606770839Spotify: https://open.spotify.com/show/5WqBqDb4br3LlyVrdqOYYb?si=3076e6c1b5c94d63&nd=1Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS9zb0hJZkhWbg 🎥 Subscribe on YouTube: https://www.youtube.com/channel/UCugS0jD5IAdoqzjaNYzns7w?sub_confirmation=1Follow on Socials📸 Instagram - https://www.instagram.com/theloganbartlettshow🐦 Twitter - https://twitter.com/loganbartshow🎬 Clips on TikTok - https://www.tiktok.com/@theloganbartlettshow A