Chase

“I think it'll see it in stages, so like the fintechs, the sophisticated fintechs like Stripe and, you know, Robinhood and Revolut and things will be first and then over time you'll see, I think eventually you'll see just like a button on your Chase bank that's…”

“Chase, I think Jamie, Jamie Dimon talks trash, but I believe they have 1500 people on blockchain projects.”

“It almost has nothing to do. I don't want to say it has nothing to do with breaking the banks apart for like political reasons, but it actually has to do with business reasons, meaning there was like some major bank money and lobbying going on behind the scene…”

“Our first customer was JP Morgan Chase. They had their Chase Inc. Credit card that was marketed to SMBs.”

“In 1990, all these banks, JP Morgan, Citi, Chase, Chemical, were all taken to their knees by real estate losses, and they were all worth about a billion dollars. I remember, I think Citi was three billion at the time, and the other ones were about a billion do…”

“Chase, Wells Fargo, and Bank of America at that point in time, again, going back to seven years, were each making two billion annually. That's so give or take six billion, and almost all of that goes to their nibbets. It's almost all Pre-tax profit.”

“We're currently only support three banks, Chase, American Express, and Wells Fargo.”

“He gave all of his business to chase because of the effort they put into building the relationship with them. He says they were the only ones who ever paid any attention to me. The rest of the banks never took me seriously.”

“But when you actually look at the data, even like Chase, a big behemoth, most people don't have a bank and a credit card and a mortgage and all the other products with Chase. Most people have maybe one thing with Chase and then other things with other banks, r…”

“So also age, 14 hacks, Chase Bank gets access into Chase Bank. All of the names, the bank accounts, the amounts in them, he could have wired as much money as he wanted out of it.”

“So I go into the Chase Bank, and there was Nelson Rockefeller, the governor of the state of New York... David Rockefeller was the president and CEO... Grab the bag of money, a 100,000 dollars... I signed this promissory note. It was a promising note on demand.…”

“I actually don't think they're capable right now of providing you that experience digitally. I think what happened was they have to provide that experience over the phone with humans. They're running on mainframes and they have legacy technology and they use t…”

“And of course this didn't really work because That level of primitive was actually better done inside AWS or inside Azure rather than as a standalone startup. And B, if you're like Caterpillar or like Chase, you can't Chase, like you can't buy natural language…”

“I was actually, like, a 150,000 dollars in debt. You can't tell by my smile in this picture, but I was a 150,000 dollars in debt if you count law school, undergrad, and then when we started the business, I put 25,000 dollars on my credit card, and my co-founde…”

“So we're 4030, 30 the CEO, Matt Covey, it was his idea. So he has 40% and then Chase and I reached 30.”

“You know, I like to consider myself like I've done some things, I've sold some companies, I've invested in stuff, and I can't get a loan.”

“You're going to see the market, whether it's the big companies like Chase, Wells Fargo, Amex, et cetera, or other startups. Copying suit. Budget is one of those things that we've held to and we're super proud of, and it's super powerful for our customers. And …”

“We just got a Chase credit card, 12 months, zero percent APR interest, and I think we put, like, 70 or 80 G's On that card. And then like month 10 of the of the accrual, we paid that off in full. So again, paid no interest and essentially did like a 80,000 dol…”

“With Chase we sold directly into their, to their wealth management division to help them build, kind of, wealth analysis tools for their advisors. And in, in that case, yeah, we'll sign an actually narrow MSA. And over time iterate that MSA to be many other us…”

“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.”

“At this point, I don't have an account with Bank of America, Chase, Wells Fargo, anyone. I literally only have my customers' cards in my pocket.”

“So depending on the overall spend with Chase, we take anywhere from 10 to 25%.”

“There's another company called InvestCloud that nobody's heard of, but if you have a Chase account, or if you have a Schwab account, or if you have a Fidelity account, they're the ones that are doing the wealth front for those guys.”

“You're probably not going to see somebody who's going to take over and take on Chase directly. It's more of, you'll see minor things like Lending Club that attack little bits and pieces of its business.”

“But really, Lending Club behind the scenes, exactly as you said, is doing the same thing as Chase, but Lending Club has, I don't know, 1500 people, and not 250,000 people.”

“Chase has trillions of dollars of deposits, and they offer the lowest rates, which seems like that doesn't make any sense in any other industry.”

“On the one hand, they look like a great partner, because they've not gone and built their own payment platform, they're not trying to compete with Visa or Master They're not trying to compete with Chase or Wells Fargo or Lloyd's or, you know, any of the retail…”

“If I've got a payment card on my phone in software that can be provisioned in software immediately, that changes almost everything about the kind of the whole go to market of how you do financial services. And yes, I can put my Chase card or my Amex card into …”

“What we do is allow a small business to connect all key data sources that relate to how they run their business. So it can be their banking account. It can be processing. So quick books, chase credit card, shipping, social accounting, web analytics.”

“The biggest piece of it, anywhere from one and a half to two percent of that transaction is going to go to the person that issued the card, the Chase, the Capital One.”

“So Chase has about a trillion dollars in core deposits, so it's a lot of money, and the average yield that they make on one of those, if you have a money market or a current account at Chase, you're earning about .one percent, so not a lot. Chase has the secon…”

“So for example, Chase has a robo-advisor, and that is powered by a startup called InvestCloud.”