Startup Banking in a Post-SVB World

Please welcome our guests to the [Music] Stage Force that's Good all right thank you for being here We have a big and wide panel today to Talk about Banks and banking uh which is An interesting topic believe it or not Maybe I'm going to start with the Elephant in the room and with you mark Nearly 6 month ago a bit more than 6 Month ago there was the huge SB crisis Uh that made the headlines everywhere The front page of all the Newspapers you work for svb now what is Svb today yeah so uh first thanks for Having me on it's great to be on this uh Somewhat ironically named panel since uh Svb is still very much here uh though I Understand the sense in which you mean It um and a lot did change uh certainly In March and and I think uh so much has Been talked about I think with regard to Those those fateful two days that Thursday Friday uh what I think is uh Maybe the more interesting story is the One people haven't heard yet which is The what happened next in the days that Followed which uh was really U here I'll Say for for all the startup Entrepreneurs and the investors that Back them uh it was a great study in why Culture matters um the events of that Thursday Friday were very traumatic our Employees didn't know what was going to

Happen next there was so much bring us Back to this moment how did you learn That things are going sideways at svb on This Friday did you receive a phone call So by by Friday things had already gone Uh very much sideways uh and so Friday Was the arrival of the FDI Uh and that really began the uh what I Think of as the the story about why Culture matters because ultimately Reflexes took over I think there was so Much emotional investment in the mission Of our company serving The Innovation Economy that despite this incredible Traumatic event um despite people not Knowing what was going to happen next People really rallied um and our first Mission was you open next Monday as a Bridge Bank um and what went on that Weekend to get to that place and then What went on for the two weeks of Operating as a bridge Bank while trying To find an acquirer and then what Happened post acquisition to reopen Again as a division of First Citizens uh Again was just an extraordinary story That hasn't gotten much much airtime and So I'll end by saying I'm eternally Grateful uh to all of our employees who Rallied and and get us to this point Where we are today which is uh back Doing all the things we were doing Before probably with an extra do dose of Empathy for what our clients go through

And the setbacks they encounter and I Think doubly determined to be an even Better version of svb than we were for The 40 years that that came before and During that weekend was it all hands on Deck everyone at the office trying to Fight all the fires it was uh all Handson deck probably uh wouldn't even Do it justice it was a uh a very um Hectic chaotic 48 72 hours of of Figuring it all Out yeah we named this panel uh banking In the post svb world it's true that svb Is still here uh with a new owner First Citizen Banks um and there are other Banks of course that had to react also In real time when everything uh happened Back in in March um Mercury for instance What was your first reaction and what Did you implement to sort of make sure That you wouldn't become the sort of Fus Attention of make sure yeah um I think Mercury and SBB kind of mostly split the Kind of startup banking uh world so Obviously when SBB was going through This especially on that Thursday uh yeah The first thing we saw was just this Massive surge of signups I think more Than 10x the normal signups we would Get 100x um so you know from our Perspective we we're also a startup so We were like all right let's go we've Got more signups uh over the Thursday And especially Friday Chang from oh this

Is like an opportunity to us to like in The sense change yeah I think svb you Could be the next one well there was two Two factors I think svb is a Cornerstone And has been a Cornerstone of the Startup ecosystem so you know it's not Good for anyone if there's a big failure And you know people's deposits at stake And things like that and then secondly Obviously everyone was saying hey if This can happen to svb why is mercury Safe which is a very reasonable question And you know we had like Founders coming To us and saying like oh like tell us Your partner bank's balance sheet and I'm like okay you know I don't think You're you're really going to be able to Judge this balance sheet uh but it was Very normal concerns um so from our Perspective we obviously a startup and We can react to these situations so you Know what I was saying to our customers Is hey we have 1 million in FDIC Insurance which is what we had then and You can put the rest of your money in US Government T bills uh through our Mercury treasury product um and then on The Saturday I was like you know I'm Saying the same thing over and over to Our customers why don't we kind of Productize it um so we did two things we Increased our FDIC Insurance U from 1 Million to 5 million over that week uh And then we also launched a new product

Called Mercury Vault uh which helped People see you know whether their money Was below the FDIC limit uh and also Help set up like the US government T Bill mutual fund and all their money Somewhere safe so you know instead of me Saying yes your money is safe you know Mercury is profitable our partner banks Are profitable we could just say hey use This dashboard you can see where your Money is um and that's you that's Possible for us because we are a fintech And we don't host the deposits ourselves We put deposits at our partner bank and You know the way the FDIC insurance is Extended as they then sweep the deposits Over 20 Banks so you get find and were You concerned about some of your partner Banks thinking maybe they are going to Be contaminated with this banking crisis Well so the the swept yeah so the Concern you know why this is a concern And why was a concern for svb is Normally a bank has a set of deposits They then lend them out right fractional Deposits is kind of the Corner Stone of Banking um and so when someone comes to Them and says hey I want all my deposits Back you know sure they have a large Percent perc of them liquid but in the Case of svb it was like 50% uh the Run Was like about 50% of deposits which is Very hard for any bank to be able to do Um but the way we work is we you know

Our partner banks are not hosting the Deposits they're sweeping across lots of Banks and each of those Banks has you Know a lot of liquidity and you know These are Big Banks uh the you know all The kind of major Banks participate in These kind of sweep networks maybe a lot Of them uh so there's just like this Inbuilt like liquidity in the system That is it's just a different model to What a normal kind of banking model is And it's you know it's the model that a Lot of kind of newer Banks and fex do um So it gives us a lot of flexibility and You know our partner banks at no point Were like worried about liquidity I mean They weren't they weren't really lending Any of this money out so you know Obviously it would be a concern to them And us if if our customers uh were Leaving but you know Overall it was a big Boon to us like we Added in two billion over the long run Basically no even that week we added 2 Billion in deposits about 3,000 Customers and yeah we were very on top Of like making sure they had a great Experience and we retained them and you Know even 90 days later we retained more Than 95% of them interesting when do you Started Pont Bank in 2019 I believe what Was the experience like during that Weekend for you for Pont in sure well Haven't been in banking for 28 years

Right um I I was lucky enough to say That I've never went through a bank run Situation so even though you know been Around for a long time that was still Sort of caught everyone by surprise but Honestly started that Thursday evening Actually we didn't really have time to Think because we started getting a ton Of inbound requests so Pon we're also The bank behind a lot of fex we provide FBO Services we process billions of Transactions for the fintech and their End users so so we started getting all The phone calls from existing our Fintech customers unlike Mercury you You're the back end basically we're the Bank we're the partner bank right so so The first wave came in with all the Existing fintex basically said hey we're Moving our operating account all the Operating account money over that Because they already have a bank account Here so it made it was easier just say Hey heads up here's 30 million doll Warrior coming in just make sure you Guys process that so we went through That first wave came Friday evening Obviously the whole thing blew up we Started getting a ton of inbound calls From non-customers so it went into a Frenzy of just opening accounts so the Good thing was so pmon when we buil pmon Is the first true digital only bank that Got a full Charter FDIC insurance which

One which is the only one the one we Were the first one actually to get that Full FDIC Insurance full Charter uh Commercial Bank Charter so the way we Build it was that we can open commercial Accounts within a few hours versus a Couple of days so it made it easier for These new customers so we started Getting phone calls from private Equity Firms you know like VC firms basically Saying that I got these portfolio Companies can you open the account now As in like now immediately so we didn't Have time to think much of anything else Other than just accommodating and Getting accounts open as we went through The weekends so my chief banking officer Is here as well today so roro and I we Started talking about okay All right we need to start thinking About what's going to happen next Week we need to start thinking about When the D settles after the account Opening now what like what is going to Happen what's the contingent what else Is going to happen and because we're Regulator Bank we were also getting Phone calls from Regulators let me see your liquidity let Me see your like we want to see your Concentration we want to see your on Short deposit was very different before The weekend rather than after the Weekend so for had so much more

Liquidity so much more liquidity but for The regulator Banks it was after the Weekend it was the weeks after when all The attention was shifted to okay you All have my FDIC Insurance let me see What you got what are you going to do What's your uninsured deposit percentage Right so on I remember on March 16th I Forget who released it a ranking order In terms of banks that has the highest Percentage of uninsured deposits Obviously with you know it at that time It didn't matter in terms of svb but it Was on the top of the list all the way Down to they ranked 50 of them including The largest banks on the list so it was All hands on deck in terms of Bringing Down the percentage of on insur deposits Right that's for all banks so this is Something that you know we probably Don't even have time to deal dive into Is really about okay that does somewhat Settle but what does does that mean what Does it mean for the partnership between A bank like us and a Mor for example uh We don't not yet um but for their Partner Banks right what's that scrutiny What's the direct impact indirect impact Right I'm sure you guys are feeling it As well um what what's going to stick Right so it was the weeks after and Continues right now even in terms of That partnership um especially as Partner Banks go through their cycle of

Annual safety and soundness exam right In terms of Hey how well does the bank Actually know the end users to prevent In the event of a bank run what do you Have control right so we'll get into a Little bit later I think that it's Important at least I would love to share In terms of what are some of the things As a startup company the questions that You really should be asking now from the Banks right because at the end of the Day as a regulator banking institution From a product standpoint most of us Have the same products right it's about Okay do they have the product but more Importantly are they willing to offer You that product or is it that product Only for larger companies less startup Right and the most important question Actually without jumping ahead is that Can they re-calibrate it to your needs Like can they prioritize you the startup Because that comes to the execution that Implement implement ation part and this Is where I want to give credit where Credit is due that's why fex like Mercury do so much better from that user Experience standpoint is that being Relevant being understanding the Need For Speed right you don't have time you Got investors telling you how to scale And scale fast right so can the bank Actually work at your speed and then Understand your pinpoints that's really

The difference it's not the product I Mean Bank products are regulated it's The same product you know so anyway and Let's talk about the big names as well With Melissa from JP Morgan Chase of Course everyone knows this Bank do do You have a lot of tech customers and Even young startups uh who want to bank With you we do so um just to give you a Little bit of context about the Innovation economy business at JP Morgan So we have you know been banking tech Companies for a very long time and in Fact we have 220 years serving Innovators if you think about financing The railroads and Thomas Edison and the Auto industry which were innovators at The time um but really I would point to Sort of 2016 where we really uh built a Very dedicated team totally agree with Wendy uh in terms of making sure that we Had that expertise to really understand Startups specifically could be reactive You could correct top top priority for Correct and I would say historically Kind of pre 2016 we had always benefited Quite frankly from clients uh tech Companies early stage companies that Were maybe outgrowing their uh original Bank Bing partners and so that's where We really wanted to focus to make sure We had built out the capabilities to Serve a startup in sort of the very Earliest stages but during that so we

Already have a very significant business Sort of prior to the March time frame And then obviously on that weekend which Was clearly challenging as as Mark said For everyone for Founders for VC firms For Employees um and I would also just as an Aside say it is never good for any Financial institution to see another Bank in distress right anything that Causes uh individuals to question the Soundness and stability of the financial System not good for anyone we would Never wish that on anyone and that's why We were very vocal with our teams to not Make any outgoing Proactive phone calls During that March April and and longer Time period only sort of receive Incoming calls you could pick up the Phone you couldn't you couldn't make an Out outbound call um but we did have a Large influx of clients I think you know There's been a lot of sort of external We we'd haven't sort of said publicly um Using our own data but there's obviously A lot of um external data that sort of Uh points to a significant influx coming Into JP Morgan um and so you know that Weekend we were very focused and and to Your point Wendy that March April time Frame on serving the clients that new Clients that had come our way um it was Amazing to see sort of you know as you Kind of articulated sort of our teams

Moving he Heaven and Earth and our Ability to kind of Garner resources Around the firm to serve those new Clients that were coming our way um and That was really our our first priority And you know we're very proud of that From a cultural perspective that we W Tend to be sort of the port in the storm Often times when there's some sort of Exogenous shock in the system saw that During the global financial crisis During Co during PPP obviously during That March weekend and it's very much I Think in our DNA to serve clients and I Use that word serve very sort of Specifically um and so that was you know Our first priority to making sure that We could do that um you know quickly and Flexibly and and meeting their needs and Then secondly uh we were focused you Know kind of post that immediate weekend On making sure that we were out spending Time with with all of those new clients So hosted you know a series of sort of Uh events and and tours around around This uh various regions to to welcome Them to to JP Morgan and then the third Thing I would say is you know back to We've been building this business Specifically focused on the early stage Since 2016 you know we spent a lot of Time uh thinking about anything that we Needed to do to meet the needs of those Clients that we weren't already doing

Right so again back to sort of making Sure that we were were listening to Their specific needs um you know felt Like a a lot of that we had sort of Built already um but wanted to make sure That we appreciated any new needs that Any of the new clients had and where we Could really accelerate our investment In serving this this ecosystem and That's why you know we've hired 200 plus Bankers uh and client facing individuals As well as you know middle office back Office since the March time frame and JP Morgan Chase there's a big team behind The scenes on that weekend how many People were actually working to keep Money flowing and and welcome new Clients hundreds hundreds I don't know That I have an exact count but back to You know we were pulling in resources we Were pulling in teams in India to to Help um that weren't necessarily Historically just dedicated on this Client segment but that is again sort of The benefit of a large firm is being Able to pull in resources from across Across the globe quite frankly um to Serve those clients and did you receive A call from a management saying how are Tech clients reacting to that are they Calling you are they worried there there Was definitely huge Focus from Jamie on Down from the board um and you know I I Would say back to we've been building

This business for quite some some time It's it's been a large strategic Priority for us and so I think um you Know Jamie and the board were already Sort of well educated on what we had Been doing but certainly were very Intrigued with um understanding how we Were responding in that you know sort of Period of time And Mark so all three here said that They welcome new new clients what's the Situation like right now at svb do you Have as many clients as you had last Year for Instance uh so year overy year I'm I'm Certain that the client count is Probably a bit less uh what muddies the Waters a little bit is that we have um Clients that we were considering if Their balances um post Arch event Dropped to 10% or less we consider them To be exited but also consider Candidates for reactivation uh and so You know unsurprisingly what we've been Doing ever since reopening with uh First Citizens is working with those clients To reassure them we're we're still here We're open for business come on back the Water's fine uh and uh and having I Think a great degree of success with That so far and are there new clients Coming to you and saying okay I have a New see new clients as well cool and do You think keeping the svb brand makes

Sense today and not switching over to First Citizens for Instance uh so we do and I think Probably the best evidence that uh First Citizens feels the same way uh is the Brand campaign we launched last week Which is all about U svb and and so I I Think you know the Assumption folks Should have uh from that and so many Other things we've seen in terms of First Citizens support of svb is that They are very very serious and putting Their money where their mouth is in Terms of letting svb B svb and all of Those right in important ways and we'll Figure out in the fullness of Time how To reconcile that with the broader First Citizens Brand and coming back to today now uh as As a fintech at Mercury for Instance you have to pitch new companies Saying hey you should bank with us but I Feel like many entrepreneurs are looking For stability right now you haven't been Around for that long what's the pitch Like yeah I mean this svb moment was an Inflection point for us we still getting I think almost double the startup Signing up every day than we did pre svb Uh and we already had a pretty Reasonable scale uh more than 50% of YC Companies and every new batch use Mercury uh with a kind of exclusive Banking sponsor for both Tech Stars and

500 so yeah I think it's given us an Opportunity to be the kind of default Bank for startups um I would also say You know I think the this kind of Comment that Wendy made that like Banking is a commod product I just I Think that's been the case because There's just not been any Innovation Right like I I've been doing startups For 16 years I no offense Mark but I Really hated the banking experience I Had uh I think most people like I don't Think we should do audience survey but Most people would say and you can look At The NPS gos like no one likes their Bank right like it sucks you have to Call people to do basic things uh they Never make new kind of software products Right like a product to a bank is like What's the loan that they can give you It's not like a product first company in The sense that yeah when people think Plg in the startup world they're Thinking like you know amazing products Like Figo slack and uh stripe uh yeah That's why I started Mercury I was like Actually this can be an amazing product It can be something where you know People sign up to Mercury and they're Like oh it's such a joy to use and I can Like get my stuff done and you know even Basic things like search for a Transaction without having to like poke Your eyes out on a PDF right there's

Just so much room to improve banking uh And that's how we see it like banking Should be amazing and we you know we're Launching things every week we have a Channel that says shipped and we're like We just did this thing and this thing so You know it's just a very different view On like what is banking uh and I think That's the future right that's like we Only started four and a half years ago And we've gone from like zero to uh Having a significant share of like all Startups yeah and it sounds like you're Making it much easier for day-to-day Bank banking when you are paying with a Card and or looking for transactions as You said yeah but what about credit Lines for instance do you think some Some of your clients are going to look At you know bigger Banks like JP Morgan For instance if you want a big credit Line yeah I mean we have a venture dead Products so we launched that I guess a Year and a half ago and we're investing In more lending products um uh our Primary focus is be an amazing Operational bank account uh you know Sometimes we will have the right loans For you we also have a product called Capital guide where we will find help You find like other lending Partners uh Yeah the reality is like lending is not Banking I mean it is banking but there's Banking that's like running your

Business banking and then there's Lending which is another part of like a Service that some people need most Startups don't really qualify for Lending U so it's you know it's Something that comes in later on uh but By that stage often people have multiple Bank accounts uh so you know we see very High retention Even as companies kind of scare with us And we have companies with more than $200 Million many using us nice and maybe you Mentioned multiple bank accounts uh That's my next question do you do you Have some feedback from clients saying Okay I'm done with having a single Bank Partners I want to work with multiple Banks uh do you get these calls who Wants to take this one I you want to Start oh I was just going to say that Yeah I think as especially that was the Case the during the immediate aftermath Of the um in March because that's when Everybody felt like okay I got to Diversify the so-called risk right but I Don't think at the time people can Really articulate what that risk really Is so I think there's the so that that Perception versus also from a Practicality standpoint because for Regulat banking institutions to properly Manage the risk and also to be able to Provide give that holistic service is

That they need to be able to see all Your banking activities that's part of Sort of that's risk management 101 I Think from a practical stpoint is the Bank going to allow you to spread all Your cash at let's say five six other Banks one is does that even make sense Frankly for you the customer certainly Doesn't matter doesn't make sense for The bank um so that I think is one of Those things that we'll see how it's Going to pan out um and at the end of The day The Regulators also have a say In this so to speak right in terms of How the banks are managing the risk um But overall I think from a just a PR Standpoint because in our ecosystem we Always talk about what's table Stakes so Table Stakes we're talking about often Functionalities of these products right But what we tend to overlook is that What's the most important table Stakes Is actually understanding the fact that Change and the speed of scale of a Startup that's actually a table stakes In understanding how you deliver banking Products actually because it changes Over time it changes so often and Traditional banking are not dealing with Customers that changes this often and This fast so often is sort of there's a Mismatch or at least a gap in terms of What it is that the startup needs versus What the bank is willing to offer so to

Speak because at the end of the day are We kidding ourselves svb JP Morgan Doesn't have all the products of course They do right so it's about okay how Quickly can you react and respond and do It in a way that's relevant to them Right so this is why you started we Started seeing all these Neo banks that Took place in the last few years the Issue there I shouldn't say the issue The challenge there especially in the PO Not post svb sorry post March event is Really about sorry Mark um no no Seriously sorry um is that it's the Dependability right the same point that You need to be relevant you need to be Fast in terms of Delivery should you be working with a Provider where whatever it is that you Need they need another third party to Agree to it to dance right because if They don't have a good dance partner too Many layers yeah too many layers so how Direct how Dependable right your banking Partner is that's also really critical In I think in the world going forward so I don't think any one of us have a good Answer and Frankly you got a great mix of providers Here you got JP Morgan I started out my Career with JP Morgan we're just Chatting about Chemical Bank Manny hany Days right you got merrey who has a Banking partner you have Pon who is a

New bank but we're fully chartering sure We're regulator bank and then you have SVP now join a larger you know part of a Bigger family So what's what matters to you the Startup what's relevant to you changes So you got to make that decision I've Always said we're not everyone's cup of Tea you're not every bank's cup of tea So you got to just figure it out who's Willing to offer what and how quickly You need it right so to sit here and Somehow to pitch that oh wait this is The answer or this is the answer that's Dumb come on just like you guys are Different too right sounds like I mean I Think Mercury is the answer Um you know if you want to diverse try To be the bigger person I know but uh Yeah if you're trying to diversify Across Banks you can get the 5 million In FDC Insurance across 20 Banks you can Get Mercury treasury which gives you Kind of direct US government t- bill Mutual fund access so yeah I think at a Certain scale it will make sense to have A second bank account um you Operationally or for whatever reason but I mean that's a pretty big scale right Like 5 million FDIC that's that's more Than enough to cover a pretty large Startups operational activities um and Then you can get kind of US Government T Bills for the kind of excess cash

Management uh so yeah I don't know I Mean I'm sure JP that perfectly leads to that Willingness issue because this whole Reciprocal deposit being able to ensure Frankly up to 100 million so to speak You got intf you got r& pretory Everybody has it this is what I meant by Banking products it's a commodity Unfortunately that's not true but but Try signing up to these guys and trying To get that product like it will be an Experience for you but this is what I Mean by willingness is that are they Willing to offer it the product exist The functionality exist people should Get the best product they shouldn't have To like jump through hoops to get it Right I would take a step step back and Think a little bit about so we get this Question all the time right and and I Would certainly argue as I think many People would agree that for a startup Specifically right that it is often Going to be inefficient to have try to Manage multiple banking Partners Particularly for a team that is Obviously lean and mean and generally Speaking there is no fin no Finance Staff right there's no staff per say so I do think that that is not necessarily The most efficient option and I do think As one thinks about managing you know Counterparty risk some of the

Off-balance sheet liquidity options that Are available through sweeps and that Sort of thing are a good option for a Startup certainly as the company grows In Scales it would make more sense to be Thinking about multiple providers and I Would say that's usually when your Financing needs also have have come to Grow in scale but I would say the the Most important point and and I agree With with Wendy here in choosing that Banking partner particularly when you're Choosing One banking partner Is safety and stability what you know What I would sort of phrase the The Fortress balance sheet concept as well As and this is I think the point you Were making Wendy thinking about not Just what you need today right but Thinking about who can best help you Grow and scale and achieve your Objectives not just from a pure banking Account perspective but all of the other Things whether that be industry Expertise sub sector expertise access to Um you know strategic uh Partners within Your your space um you know the Networking opportunities that that a Larger institution can give you access To I think is critically important and I Would also just say again is thinking About so not taking that you know that View today but who can support all of Those capabilities that you need over

Time and and again having that dedicated Team that can do that I agree with you If you go to a traditional Commercial Bank they're not going to be able to Understand the the challenges that a Startup and a high Growth Company faces You need people who traffic in that all Day long and the only other thing I Would say for this audience in Particular I think because there's a lot Of fex in the room is I do think it's Critically important if payments is kind Of part of your embedded solution that You are building your architecture to Accommodate more than one provider and That's from a business resiliency Standpoint that is just good advice in Terms of business resiliency as well as Payments optimization to make sure that You're able to offer to your clients all Of the alternative payment sources that Are out there and continue to be Developed so that's how we think about It and a quick comment that I think will Be added to this because we just did a Survey um and so backing up we just Released our most recent state of the Markets report U one of the our longest Running insights report and in Connection with that recommend you all Read it find it on our website uh but What you would see in there is a survey We did of 0 VC's asking this question um What's important to you about the events

Post March and uh unsurprisingly we Heard treasury management matters a lot Um that I think was new news to to many Folks who didn't spend a whole lot of Time on that um and the recommendation That we heard that I think reflects the Comments up here was for Revenue up to $100 million the median answer was two BS uh and I think that was rooted in the Complexity of having more than that um The reality of having uh products out There like insured cash sweep which you Know literally are I think we all have Them and are making that available And so uh if that context helps that's Not my advice it's the venture Capitalist advice of of what they're Saying in connection with us but it's Clear that there's a cultural difference Here between the the four of you and and Imad you mentioned that half of YC Companies create a Mercury account in The current Batch who is your biggest Client right now like literally the Biggest yeah with uh most money and most Revenue I don't think we will like say Their name name but you know the public Company uh we have a couple of public Companies I think the biggest one is a Private company you know to connect to What uh someone was saying earlier uh Startups can grow really fast right so We have a lot of companies join us at Seed stage and then series A and B and

You know suddenly they do $100 million Round and you know they continue to use Mercury and that's you we've been doing This for four years so we have yeah Several companies that are at that like In a later series D plus stage m and Conversely U maybe at JP Morgan Chase For Instance do you think you're going to Become as feature Rich as Mercury before Mercury can become as Mature as JP Morgan well I'm not going to predict What Amad could do over here um but I Think that you know we we continue to um Serve right sort of the very earliest Stages of this ecosystem and I think the The important part back to thinking About a banking partner that can grow And scale with you is as you get bigger As you think about you know an IPO as You think about you know potential sale Of the company again much later right That we have the resources in the teams That can help you think through that From a capital structure perspective From an investment banking perspective Um from a you know world-class private Bank so I think the the ability to sort Of serve all those needs starting with Startups serving those needs Specifically with tailored Solutions but Then having the ability as I like to say You can't outgrow JP Morgan we can serve

You from sort of startup to to IPO and Beyond when we launched Mercury there Was only nine people and I was Definitely worried that like oh someone Could like build this right nine people Built it but now we have 530 people and No one's really built uh much in four And a half years so I'm pretty sure no One will catch us all right that's all The time that we have but it was great To get some love on the panel about Banking thank you so much for paying Attention and have a good disre everyone Thank You