Mercury

“He goes and starts like some other accounting related business with all the experience that he had. Then has a nice exit to Mercury, and now he works on there. Started and had a successful exit. Now he runs their, like, accounting product to Mercury.”

“I'm not a fan of just, like, shove a chatbot in front of it as an interface. Like, I think it's easier to, like, have structured data and be able to do things.”

“We've got a graph of like how number of signups is going with LLMs. And it's like fully exponential, especially in the last two, three months still a small base.”

“I think the ideal interest rate for us is like something like three percent. I think there's lots of kind of VC funding and, ah, business formation at three percent, ah, but we also have the opportunity to make money on our deposits better at three percent.”

“Our last round was at 1.6 billion valuation. This is 3.5.”

“So I think we had a five person team. We, one of the drivers was we found this amazing guy, Alexei who previously had his own kind of startup neobank in the consumer space. And then he helped Albert launch their consumer bank, and then did the same at Mercury.”

“Yeah, Sonya Huang. She's been doing a ton in AI, including Langchain and Glean and she knows a lot about FinTech as well, so excited to have her on board.”

“It's like a surprisingly similar process to an earlier round, right? I did this in about four weeks and you know, at least as a founder you really still like pitching the big vision, like how can this be, you know, another hundred X, right?”

“We had a 140 employees back then. I think we announced we had about 40,000 customers. Now we have 200,000 customers. We're almost 800 and 60 employees.”

“We grew a lot when interest rates were zero, especially during kind of the big, big bubble. And you know, there was definitely like a struggle in terms of growth during like some of that 20, 22 period, but you know, since then it's picked up and we've obviousl…”

“More than 50%, about 60% of our customers come through organic word of mouth distribution, and that's not just in the startup space, that's in all of these spaces.”

“We've been profitable for 1010 quarters”

“Engineering productivity. I haven't seen as much of a boost as I would like to see. I think it's really good for making an app from scratch. When you have a huge code base with, that's all interlinked, it's just not as good. And we also built in like a weird p…”

“We just announcing our CVC Sequoia is leading the round with Park and Marathon coming in as new investors, and all of our previous kind of VCs are participating, so it's a three hundred million round with a combination of primary and secondary.”