Writer’s Note: This story is part one of the “Journey to Leadership” series highlighting six fintech CEOs and their individual journeys. The intent of this story is not to establish a universal blueprint for becoming a superior CEO. After all, a) there is no one-size-fits-all formula and b) every leader’s path is subjective and distinctive. Instead, my goal is to uncover the lessons learned from prominent industry leaders, both seasoned and young, and how their experiences have shaped their understanding of their skills and roles.

While introductory sessions are common for other roles within a company, how do you learn the ins and outs of being a fintech CEO? Young CEOs are eager to seek advice and learn from experienced leaders. Meanwhile, those experienced recognize the importance of balancing outside advice with their own experiences on this evolving journey. They understand that only they can manage their roles, shape their leadership style and lead their companies.

Know when to take advice and when to stop

“One of the most valuable lessons I learned as CEO of Mercury is that you should constantly seek the advice of others,” said Immad Akhund, CEO and co-founder of Mercurya business and consumer banking startup.

However, Akhund stresses the importance of being discerning when it comes to seeking advice from the right person at the right time. It can be valuable to seek guidance from leaders who have already been down a similar path but are one step ahead.

“As a CEO, you don’t have anyone you can learn from very easily. It is your responsibility to get advice from the right people proactively. If you don’t, you’re not learning,” Akhud said. “When you talk to people who are further along, you tap into things you don’t know and it helps you prepare for the future of your business and see around corners.”

Leverage previous experiences to achieve favorable results

Akhund has been Mercury’s CEO for almost seven years, having previously held another CEO role for eight and a half years. While some current CEOs have previous CEO experience, others are relatively new to leadership roles. Everett Cook, who headed the business banking platform Rho as CEO for the past six years, he transitioned from the role of hedge fund analyst. This background gave him an atypical perspective on building a company. Drawing on his experience in markets and investing, he combines these skills to make decisions for his company in his current capacity.

“Markets are fundamentally a business of ideas — everyone has the same set of stocks to invest in, so the only differentiator is the quality of your ideas and how well you size and manage your bets,” Cook said. “The biggest difference is that in markets, executing an idea is trivial, whereas in building a company, execution is the hard part. But ideas still count and we still need to make good bets to win in the long term.”

What defines a good bet? Cook believes it all comes down to understanding the dynamics of supply and demand. He emphasizes the importance of CEOs being aware of their position within market cycles and managing accordingly.

Cook also learns from the markets the importance of accepting mistakes and maintaining emotional discipline. “You don’t have to be right all the time, but the expected value of your bets must be positive over time,” he noted. “I think it’s similar for us: You want to carefully size and scale your investments based on the likelihood of success and your risk tolerance. Quickly identifying winners and losers, reducing losses and doubling down on successful initiatives are crucial. And never get excited about an exchange.

The importance of skills development in driving progress

Being receptive to acquiring and honing new skills over time can add another layer of experience.

Stephany Kirkpatrick, founder and CEO of Oruman API integration for instant payments, highlights the importance of skill development as an essential part of your career path before taking on the role of CEO.

Before founding Orum, he worked at a financial planning startup. “Working for an entrepreneur was truly inspiring. Being part of an early-stage company was an eye-opening experience,” said Kirkpatrick.

From that early-career experience, she learned the value of growth: staying curious and seizing opportunities that foster learning and skill development. If an opportunity presents itself, step forward; if there is a chance to sit at the table, listen, absorb the discussions and then share your insights.

Kirkpatrick believes that a crucial aspect of being a CEO and founder is becoming comfortable with risk and decision making. Seeing the emergence of real-time payment networks, he recognized their potential, but realized he was entering uncharted territory by building a technology company focused on faster payments. The transition from consumer to business sales presented challenges, and institutions were wary of fraud risks when adopting instant payment systems.

“What I’ve learned is that you shouldn’t ignore risk or try to hide from it. By tackling it head-on and understanding how to deal with it, you can transform it from a liability into an asset.”

Getting to the heart of the challenges

Some leaders have come to understand along the way that leading a business involves identifying and understanding the root causes of challenges, as solutions and product development may not always be the only answers.

Michael Rangel, CEO of the SME Banking Platform New for eight and a half years, he learned the importance of prioritizing the problem over the solution. He points out that solving big problems becomes even more critical as the product team expands. As new members are added, they often lack a deep understanding of the company’s goals, leading them to focus first on building rather than understanding the underlying issues.

“I’ve seen that people can focus more on building products that they believe are solutions, but they don’t stay close enough to the customer and the problems they face,” he noted.

Cliché but true: it all starts with understanding the vision and mission

CEOs with decades of experience and multiple initiatives under their belts suggest that honing their leadership skills involved starting from the entry level to fully understand the role.

Four-time founder Max Levchin, CEO and co-founder of the BNPL provider To assertand co-founder of PayPal, emphasizes the importance of having a concisely defined mission and a set of core values ​​unique to the company.

“Many decisions become simple when you have in black and white what you stand for, why you are here and what you would or would not do, regardless of the cost,” he said. “This clarity is critical because when your organization grows to thousands of employees, you won’t always be in the room to make those decisions. Establishing a specific value system for your company will make difficult decisions much easier.”

Clarity about the company’s mission and vision is also key to one of the four principles Colin Walsh, CEO and founder of neobank Varo Bankhe learned and applied in his leadership role from his nearly twenty years of experience before founding Varo Bank.

Its four fundamental principles include:

1. Consistent mission and vision alignment: Walsh emphasizes the importance of aligning investors, the board of directors, employees and stakeholders on the company’s vision and growth strategy. This involves consistent and clear communication, relevant incentives and difficult decision making, all while prioritizing profitability.
2. Financial discipline: “I established a culture of financial discipline at Varo,” Walsh said. This means charting a clear path to profitability, making data-driven decisions about resource allocation, and avoiding excessive cash burn in the pursuit of growth at any cost.
3. Adaptability: Given the ever-changing fintech landscape with new technologies, regulations and economic conditions, Walsh believes CEOs must be flexible and willing to adapt strategies as needed. What has worked in the past may not be effective in a profitability-focused environment.
4. Operational efficiency: Under pressure to achieve profitability, fintech CEOs can optimize their operations to maximize margins.

What proves effective for one CEO and his company may not translate to another, but combining the experiences of others with self-reflection can lead to favorable outcomes.

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