In the Room (Live) with Immad Akhund, Founder of Mercury
Events have always been a cornerstone of The Room Podcast, and we’ve been proud to host dynamic gatherings since SF Tech Week’s inception in 2022. This year was no exception! Last month, we partnered with our incredible sponsors — Mercury and Perkins Coie — to host a live recording in the heart of San Francisco during a16z’s Tech Week. With the generous support of CBRE, we had the privilege of interviewing Mercury’s founder, Immad Akhund, in the historic Bank of America building.
The event was a resounding success, drawing over 350 sign-ups and selling out completely. Immad shared his compelling journey as a four-time founder, highlighting how he built Mercury, a banking service now empowering over 200,000 customers with their financial needs.
Our conversation delved into Immad’s life story, beginning in Karachi, Pakistan, followed by his move to London at a young age, and eventually his entrepreneurial rise in San Francisco. We explored his insights on fundraising, the genesis of Mercury, and how the company has navigated consumer demand amidst the challenges of a volatile banking landscape in the U.S.
In this episode, we delve into topics like Why You Should Keep Fundraising Fast and Controlled, How to Find Growth Through Non-Obvious Partnerships, and the Power of Transparency as Your Greatest Leadership Tool
Let’s Open the Door.
Listen on Spotify or Apple Podcasts.
T1: Transparency is Your Greatest Leadership Tool
Imad’s journey with Hayzap and Mercury demonstrates the power of transparency as a leadership tool. Facing near bankruptcy at Hayzap, he chose honesty over concealment, rallying his team with a direct challenge: “We have six months to get profitable.” This openness inspired his employees to stay and innovate through a tough time. Imad’s leadership style, influenced by his father’s desire for autonomy, centers around clear communication, especially about personal strengths, weaknesses, and decision-making authority within the team. At Mercury, he carried this transparency forward, from discussing skill gaps and empowering teammates in their “domains of control” to setting realistic timelines and aligning on long-term goals. Even during tough fundraising moments, he remained direct about the stakes, securing extra funds and committing to achieve profitability with lean resources. By treating transparency as a foundation for collaboration, accountability, and resilience, Imad has shown that openness can turn challenges into shared missions.
T2: “Find Growth Through Non-Obvious Partnerships”
Mercury’s early partnership with Stripe Atlas exemplifies the power of finding growth through non-obvious partnerships. By aligning with a company that entrepreneurs encounter before even opening bank accounts, Mercury embedded itself seamlessly into their workflows from the start. This approach of targeting the step just before their own product — in Mercury’s case, business incorporation — created a mutually beneficial relationship that accelerated growth from day one. Emphasizing product-led growth, Imad and his team also cultivated partnerships with lawyers and other professionals that enhanced Mercury’s go-to-market strategy, demonstrating that impactful growth often lies in alliances that may not seem obvious but fit strategically within the customer’s journey.
T3: Keep Fundraising Fast and Controlled
Imad’s approach to Mercury’s seed round exemplifies the power of keeping fundraising fast and controlled. He executed a focused, two-week fundraising plan, prioritizing momentum and efficient coordination. Before approaching top-tier investors like Andreessen Horowitz, Imad tested his pitch with trusted founders who provided blunt feedback, ensuring he was polished and prepared. By scheduling key VC meetings within a single week and practicing with less-favorite firms first, he refined his delivery and maximized his chances for success. In parallel, Imad leveraged his network to secure intros and even strategically scraped conference attendee lists to arrange meetings, eventually landing a sponsor and partner. This concentrated, strategic approach helped him build the support needed swiftly and with precision.
