Mercury

“I find it very hard to fire people, and most people do, and especially people that are good at what they're doing, but they don't fit the culture. Those people are actually, like, almost impossible to fire.”

“And we've in the last four months grown like more than 40% each month, which is really exciting for us.”

“We're targeting startups, and that is a niche, but the good thing about the startup niche in banking is that it's by itself a ten billion dollar company.”

“It's not about working 10% more hours or working the weekends. It's much more about having a sustainable level where everyone's productive, everyone's leveraged.”

“We use Haskell and there's not an interesting programming language with a lot of good engineers that are interested in the programming language with, you know, surprisingly a lack of companies that use it. So we end up, you know, having that kind of edge or ni…”

“Five of the nine initial set of people we had at Mercury were people that worked With us at Hazelab.”

“If you take what we're doing at Mercury, there's no one else really doing a startup focused challenger bank. I would say the zero, which is really good. The only people we're competing against is Silicon Valley Bank and First Republic and Chase.”

“Have money in an account that's not correlated to Brex and Mercury in two other places, and have the rails set up between those pools of capital, those deposit accounts, so that you can immediately move from one to the other very quickly. It's the discipline o…”

“Growth is a system. And often when I get asked to come in and grow something, what most people are actually, you know, think they're asking about is growing acquisition, but I actually think that's where it's totally wrong because often if you look at the kind…”

“But, you know, the thing I found about letting people go is that you're always happier When we do, then you ever would expect.”

“And since then, about two years in we've scaled to over a 100,000 startups”

“I mean, over a thousand accounts have signed up. We've had some huge deposits, basically sales size deposits have come in without talking to anyone.”

“In the worst cases, the thing that I see is, you know, someone that is just kind of, Running a playbook. Someone that is, you know, just doing the thing that either their company would do or, you know, we could find on a blog or things like that. Like to me, y…”

“Andreessen Horowitz was our seed investor. So they invested like basically on a deck for Mercury”

“When I raised a hundred twenty million, I was like, I don't know how I'm going to spend a hundred twenty million. Like we had like a 40 person company”

“30 to 40% of, like, all startups use Mercury.”

“I want Mercury to be like a legacy long-term company. So being public is inevitable, but yeah, why do it today and not five years from now on, six years from now, seven years from now”

“Yeah, I finally closed on my first institutional fund. We raised twenty six million dollars. I'm partnering with kind of a friend of mine. Actually he invested in Mercury seven years ago. His name's Yash Doshi. He was at EQ two ventures, EQT ventures.”

“I pitched more than 20 funds as part of the CBC. Sequoia did the most work. Right. So like they did the most diligence with customers. They did the most work in the data room.”

“I think in 10 years time, it'll be obvious that like, oh yeah, your bank is really powerful, and it can do all of these things, and it's all fully integrated. So yeah, that's just a freaking huge opportunity”

“Even after Andreessen had come in with a lead check, it was so hard to get any fintech fund to invest alongside them because all fintech funds saw was like all the problems. They were like, this doesn't work for this reason and that reason. And I was like, I r…”

“Sonia is, is our kind of partner at Sequoia, and she said, actually, like, You know, she had conviction in that first meeting. She said, 95% she was in after, like, that initial meeting”

“You know, actually like the, from the first 30 kind of alpha customers in Mercury, I think a hundred percent of them were like companies I'd invested in.”

“It's like we raised too much money in our seed round. Like we raised six million at like a twenty three million valuation. And like, this was because I was like, okay, fintech is hard. Like I want to have so much money that like I can go on for three years wit…”

“Now Mercury for Mercury customers, Mercury credit card is bigger than all the other kind of corporate credit cards on the platform”

“You know, we did our series B at a 120 X, which was not rational. This is 20, 21, but we did it and I would do it again.”

“I think we'll have more. Like, I think the maybe I'm contrarian about it a little bit, but to me, if my engineers get more productive, I'm gonna come up with more things to do. Like, I'm gonna have, like, so much stuff that I want to do.”

“We have. 200,000 plus customers.”

“I don't think Mercury's bank relationships are worth anything, Harry. I think they're worth zero.”

“Brex is like 10, 11. And Mercury's at three and a half, with 500 in revenue”

“Like, I was the first investor in Mercury the, you know, SMB bank, and like, until SVB failed, I don't think they never stole a customer from SVB.”