Sid Savara

I love building things and making the most of my time. Software Engineering Leader @mercury. Previously @shopify @walmart

[immad @immad]

1/ Excited to be launching my new podcast with @rajatsuri: Curiosity Podcast.

We plan to go deep with leaders across technical and business fields: have already done interviews with AI + Space + Nuclear.

Our first podcast is with @amasad, on how AI will disrupt programing.

[immad @immad]

Whoop! @mercury got a mention on @theallinpod episode 121 for our extended FDIC insurance.

Weird to have listened to all 121 episodes and get a mention when I wasn't expecting it.

Thanks for the shout out @Jason

Here is the video at the right timestamp:
https://t.co/YdVsjUOkcv

[Mercury @mercury]

Founders: we’re popping up in SF & NYC! ✨

Come by to get your questions about Mercury answered in person and chat with founders in the tea room – we’ll also have snacks & surprises. RSVP here: https://t.co/tUUAvBPECB

[immad @immad]

Thinking about stopping work early today since I am on 12 straight days of work and tired.

Here is my Bloomberg TV segment to close out the week.

Appreciate all your support throughout this time Twitter-verse.

(sorry about the crude headline)

https://t.co/ziaXjFhVSY

[Alex Konrad @alexrkonrad]

Banking startup Mercury has added $2 billion in deposits since the bank run on SVB began last week.

@JeffKauflin spoke to CEO @immad about its efforts as part of a wider look at the $ influx into neobanks.

https://t.co/iLrcElIq1q

[Jeff Kauflin @JeffKauflin]

As Silicon Valley Bank collapsed over the past week, digital bank Mercury has attracted more than $2 billion in deposits and thousands of new customers. It has likely been the biggest winner so far among the digital banks: https://t.co/jtlCav8Q6S

[Michael Ducker @miradu]

"Immad Akhund, Mercury’s 38-year-old CEO and cofounder, reports that in just six days his 470-person company has added more than $2 billion in deposits and thousands of customers to the 100,000 accounts it had before."

https://t.co/jzkrpiD7JD

[Mercury @mercury]

.@JeffKauflin recently spoke to @immad about how we've responded to events in the last week — including increasing our onboarding and support hours, and launching Mercury Vault.

Check it out on @Forbes: https://t.co/Td6O8zTDu1

[Kunal Naresh Bhatia @KunalsLab]

Thanks for telling the story, Alex, and to our new customers at @mercury. We want to continue improving your experience for now and the years ahead ✨

If you have any feedback as you get started, please let us know. We're available over DMs, [email protected], etc.

[immad @immad]

Great article written by @JeffKauflin @Forbes that covers @mercury’s model and success in the last week.

[immad @immad]

Someone asked me a great question of how custody and comingling works for funds for @mercury Vault.

This is a fairly technical and detailed answer.

Mercury is not a bank or custodian. None of the money touches us, we are a software provider.

System 1: we have two direct partner banks (Evolve and Choice). Under breath the hood they have a sweep network of banks. This is how we deliver up to $3m of FDIC insurance. Your money is held in your name at those banks for both the primary and deep network.

System 2: you can access US govt t-bills via a Vanguard mutual fund. This is held in your name at our custodian (Apex). No comingling is allowed here as you own the actual security.

System 1 and 2 are independent of each other. They are also orchestrated by us but independent from us. Mercury is profitable and growing but even if we disappeared tomorrow your money is at those institutions in your name.

Hope that’s easy to follow. Happy to answer questions on it.

[immad @immad]

Techcrunch story on the Mercury Vault launch!

https://t.co/5GgVPZHRtr

[@jason @Jason]

The silver lining thing about the banking crisis is that creative startups will build new products to solve the problems that have been revealed... we're going to see a LOT of FDIC $250k limit products I predict!

[immad @immad]

We worked all weekend to launch Mercury Vault:

* $3m in FDIC insurance via partner banks
* Short term US govt t-bills for >$3m deposits via Mercury Treasury
* Dashboard to help you understand and automate where your money is

Will be improving it all week!

[Mercury @mercury]

Introducing Mercury Vault: Protect your cash with a money market fund and up to $3M in FDIC insurance – 12x the industry standard.

Learn more: https://t.co/0YSRB0BmME

[Sid Savara @sidsavara]

Really excited to be a part of @mercury and for our organization to be recognized. Also fun seeing so many folks tweet positive things about their experiences with our team - makes me proud to be a part of it!

[Mercury @mercury]

We made the list: Mercury has been named one of @FastCompany’s Most Innovative Companies in Finance for 2023. 🎉 #FCMostInnovative

We believe that the key to our success lies in consistently defying expectations — & we’re just getting started. Read more: https://t.co/DoCwTxIaVw

[Mercury @mercury]

Our partners @useneotax recently interviewed our VP of Finance, Daniel Kang on his journey in finance. Dan joined Mercury last July and has made a huge impact on our team. 💸

Read all about his experiences ⤵️
https://t.co/qsXgUBbQp5

[Sid Savara @sidsavara]

@jeremycole This is the Web 3.0 humor I follow for

[Sid Savara @sidsavara]

@Kushpatel35 I was disappointed with one of my cameras for 2 years until I discovered that they had two pieces of film on the front - the full size one which I removed, and apparently a small circle just on the lens 😆

[Sid Savara @sidsavara]

@kevinfeng_1 Kevin I had a similar idea but wanted to try to make a business out of it. Instead you have just tweeted it out 😆 though I suppose others may have already thought of the same thing