In Depth

Ignoring Silicon Valley advice to build a $3B fintech unicorn | Immad Akhund (Co-founder and CEO of Mercury)

In Depth

Show Notes

Immad Akhund is the CEO and co-founder of Mercury, a digital banking platform that’s become the go-to financial infrastructure for startups. Before Mercury, Immad spent nearly two decades founding companies, learning the hard way what separates a good idea from a great business.

In this episode, Immad shares the hard-earned lessons from launching Mercury as his third startup. He unpacks how he recognized this was the right idea to pursue, what strong product-market fit feels like, and why trying to "iterate" your way to success often leads founders astray.

In this episode, we discuss:

Mercury’s unusual culture playbook – and why it works

How to hire with intention

The trap of weak product-market fit

Shipping under intense pressure during the SVB crisis

And much more…

References:

Airbnb: https://www.airbnb.com/

Andreessen Horowitz: https://a16z.com/

Apple: https://www.apple.com/

Block: https://block.xyz/

Brex: https://www.brex.com/

Chime: https://www.chime.com/

Gusto: https://gusto.com/

Mercury: https://mercury.com/

Paul Graham: https://x.com/paulg

Plaid: https://plaid.com/

Stripe: https://stripe.com/

SVB (Silicon Valley Bank): https://www.svb.com/

True Link Financial: https://www.truelinkfinancial.com/

Varo: https://www.varomoney.com/

Y Combinator: https://www.ycombinator.com/

Where to find Immad:

LinkedIn: https://www.linkedin.com/in/iakhund/

Where to find Brett:

LinkedIn: https://www.linkedin.com/in/brett-berson-9986094/

Twitter/X: https://twitter.com/brettberson

Where to find First Round Capital:

Website: https://firstround.com/

First Round Review: https://review.firstround.com/

Twitter/X: https://twitter.com/firstround

YouTube: https://www.youtube.com/@FirstRoundCapital

This podcast on all platforms: https://review.firstround.com/podcast

Timestamps:

(1:07) Hard-won lessons from serial entrepreneurship

(2:02) You shouldn’t copy-paste advice

(6:57) Why personality trumps culture playbooks

(8:48) How do you hire for cultural fit?

(12:38) The values that shaped Mercury’s DNA

(14:08) The drivers underpinning Mercury’s success

(15:50) The significance of product-market fit

(20:41) Don’t fall into the weak product-market fit trap

(25:49) How to evaluate startup ideas that scale

(30:14) Mercury’s unlikely origin story

(33:51) Breaking into the fintech space

(37:31) Mindset shift: From “This is hard” to long-term gains

(39:43) Building Mercury’s MVP

(44:25) Overcoming early obstacles to reach launch

(47:36) Navigating Mercury’s rapid growth phase

(51:18) Competition isn’t the reason you’re failing

(55:58) Crisis management during the SVB collapse

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