Jag Duggal is chief product officer at Nubank, a decacorn neobank founded in Brazil. It’s valued at over $30 billion, is bigger than Coinbase, Robinhood, Affirm, and SoFi combined, has 100 million customers (more than Bank of America!) while only operating in three countries in Latin America, and 80% to 90% of its growth comes through word of mouth. Prior to Nubank, Jag was a director of product management at Facebook, a senior vice president at Quantcast, and a product leader at Google. In our conversation, we discuss: • How Nubank builds a fanatical user base • Tactics for driving word-of-mouth growth • Measuring customer love through the Sean Ellis score • The importance of strategic clarity • The role of category design in creating successful products • Why companies should strive to be “fundamentally different,” not “incrementally better” • Nubank’s vision for an AI-powered banking future — Brought to you by: • WorkOS—Modern identity platform for B2B SaaS, free up to 1 million MAUs • Mercury—The powerful and intuitive way for ambitious companies to bank • OneSchema—Import CSV data 10x faster — Find the transcript at: lennysnewsletter.com/p/be-funda… — Where to find Jag Duggal: • LinkedIn: linkedin.com/in/jagduggal — Where to find Lenny: • Newsletter: lennysnewsletter.com • X: twitter.com/lennysan • LinkedIn: linkedin.com/in/lennyrachitsky — In this episode, we cover: — Referenced: • Nubank: nubank.com.br/en • Coinbase: • Robinhood: • SoFi: • Affirm: • Lemonade: • Bank of America: • Nubank achieves a world record with more than 7 million people participating in NuBolão in one month: • Nu México carries out first financial transaction 20 meters under the depth of the sea: • David Vélez on LinkedIn: • Cristina Junqueira on LinkedIn: • Edward Wible on LinkedIn: • Sequoia Capital: • Churrascaria: • Nubank’s real foundation: our culture and values: • Working Backwards Press Release Template and Example: • Sean Ellis test: • How to know if you’ve got product-market fit: • Reid Hoffman on LinkedIn: • Ultravioleta: Nubank expands its premium card offer and adds new features on the product’s first anniversary: • Jeff Bezos: Amazon and Blue Origin | Lex Fridman Podcast #405: • The Innovation Method Behind Swiffer Madness: • Kevin Systrom on LinkedIn: • Good Strategy, Bad Strategy | Richard Rumelt: • Good Strategy/Bad Strategy: The Difference and Why It Matters: • The Crux: How Leaders Become Strategists: • How to become a category pirate | Christopher Lochhead (author of Play Bigger, Niche Down, Category Pirates, more): • Play Bigger: How Pirates, Dreamers, and Innovators Create and Dominate Markets: • Playing to Win: How Strategy Really Works: • A framework for finding product-market fit | Todd Jackson (First Round Capital): • Citi: • Santander Bank: • Fidji Sumo on LinkedIn: • Harvard Kennedy School: • Susan Wojcicki on LinkedIn: • Coldplay—“Lost+” ft. Jay-Z: • Google Buys DoubleClick for $3.1 Billion: • Real-time bidding: • From Third World to First: The Singapore Story: 1965-2000: • The Gilded Age on HBO: • Lomi: • Nubank careers: — Production and marketing by . For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. — Lenny may be an investor in the companies discussed.