Member Exclusive, New banks, Podcasts

‘There were all these other great services, but banking was kind of static’: Mercury’s Immad Akhund on banking startups

  • Entrepreneur Immad Akhund was disenchanted with banks serving his startup.
  • So, in 2017, he started his own challenger bank to service startups.
close

Email a Friend

‘There were all these other great services, but banking was kind of static’: Mercury’s Immad Akhund on banking startups

As a founder of a startup in 2008, Immad Akhund found himself frustrated. Heyzap, a tool that maximized how much money app developers made from advertising, worked with a variety of banks, like Silicon Valley Bank and Bank of America. None of them was noteworthy. Akhund found banks’ technology woefully behind and they had a way of charging fees for everything.

“I was just really frustrated as an entrepreneur that I had all these great other services, which improved over time, but banking was this kind of static thing that I was forced to use and rely on,” he said. “I was never happy about it.”

SubscribeApple Podcasts I SoundCloud I Spotify I Google Podcasts
The following excerpts were edited for clarity.

Akhund’s experience was that the more niche a bank was, the more unlikely it was to write its own software. That leaves their startup clients with a bunch of disjointed services that that are all like ‘enterprise software that the banks contracted out’. Recalling his most frustrating experience, he remembers spending three days at the end of each month manually copying and pasting numbers from his firm’s back office into the bank.

SPONSORED

 

“I think startups and technology companies kind of expect to be able to automate their business processes,” he said.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “‘There were all these other great services, but banking was kind of static’: Mercury’s Immad Akhund on banking startups”

Podcasts

‘We see more and more nonprofits adopt the fintech model’: Prudential Financial’s Sarah Keh

  • Large financial organizations are increasing their work in their communities and with inclusivity.
  • Prudential's Sarah Keh joins us on the podcast to talk about her work with nonprofits and the city of Newark, New Jersey.
Zachary Miller | October 14, 2021
Podcasts

Embedding communications into financial services with Twilio’s Bijon Mehta

  • Twilio's embedded communications tools work behind the scenes in many of today's top fintechs and FIs.
  • Bijon Mehta, who leads the firm's work in financial services, joins us on the podcast to shed some light on where the firm grows from here.
Zachary Miller | September 21, 2021
Data, Podcasts

‘Data aggregation is used today in ways we wouldn’t have thought about five years ago’: Fiserv’s Kevin Hughes

  • Fiserv enables banks, credit unions, and fintechs to aggregate data seamlessly and securely.
  • Kevin Hughes, who manages the AllData products, talks to Tearsheet about changes in the aggregation field and where it's heading.
Fiserv | September 09, 2021
Podcasts

Behind the launch of the Dayforce Wallet: Ceridian’s Seth Ross

  • As a payroll provider, Ceridian moves $300 billion in wages yearly.
  • Seth Ross, who runs the firm's embedded finance group, joins the podcast to talk about Ceridian's move into banking and early wage access.
Zachary Miller | September 08, 2021
Podcasts

‘We bring the instant gratification from the lottery to help incentivize people to save’: Adam Moelis, Yotta

Zachary Miller | September 01, 2021
More Articles