How today’s fintech CEOs steer clear of pitfalls while growing their companies
- Serial CEOs and first-time leaders alike have encountered professional practices during their early careers that didn’t sit right with them.
- We take a look at these practices, why they didn’t resonate with these leaders, and how these leaders forged their own paths.
Writer’s Note: This story is the fourth part of the series, ‘The Journey to Leadership’, spotlighting six fintech CEOs and their individual journeys. In the inaugural installment of the series, I explored the key lessons these leaders have learned and how their diverse experiences — from triumphs to setbacks — have sharpened their perception of their roles and capabilities. The second installment of the series highlights the ‘what ifs’ in the decisions these fintech CEOs would have reconsidered if they could start over. The third part explored how these fintech CEOs hone their professional skills while overcoming personal obstacles and how personal growth can influence and improve their leadership approach.
This fourth chapter delves into professional practices these CEOs have encountered in their careers that they are determined to leave out of their own organizations.
Serial CEOs and first-time leaders alike have encountered professional practices during their early careers that didn’t sit right with them. These experiences – whether in communication, culture, or technical strategies – have stayed with them throughout their careers, leading them to avoid similar approaches in their own companies consciously. We take a look at these practices and why they didn’t resonate with these leaders.
Avoiding the pitfalls of pricing strategy
Immad Akhund, CEO and co-founder of Mercury, points out a key issue he observes: startups often set prices too low or rely on low pricing as their primary competitive edge.
“It’s one of the big mistakes made in fintech,” said Akhund.
He argues that prioritizing cheap prices means sacrificing control, as competitors can always offer lower prices, and price-sensitive customers are unlikely to stay loyal. This, he believes, leads to a “race to the bottom.” While Mercury aims for growth, Akhund is careful to steer clear of the pricing trap, focusing on balancing pricing with the value proposition to ensure that the firm’s success metrics remain sustainable.
