Magazine : Archives : 3rd Quarter 2023
Divvying Up the Silicon Valley Bank Pie
When the San Francisco-based neobank Mercury launched in 2019, it wanted to offer a better way for startups to bank. “I was always frustrated with the banks we had to use as entrepreneurs,” says Mercury Founder and CEO Immad Akhund, who says he’s been working in the startup space since 2006. He believes most banks offer “outdated” products and services. “Especially for tech-enabled businesses, they’re not going to bank branches. They’re dealing with their bank on an app, on a website.” They don’t like fees, he adds, and they want to use application programming interfaces (APIs) that connect to accounting...
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