Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast)

**Lenny Rachitsky** (0:00)
NuBank is bigger than Coinbase, Robinhood, Affirm, SoFi and Lemonade combined. 80 to 90% of NuBank's growth is through word of mouth.

**Jag Duggal** (0:10)
We're not trying to be incrementally better. We are trying to be fundamentally different. We want our customers to love us fanatically.

**Lenny Rachitsky** (0:17)
It feels like NuBank is one of the historically most successful companies at launching new business lines.

**Jag Duggal** (0:22)
We built a lending product, we built an investments product, we built an insurance product, we built a series of small business products. We rarely scale a project until we know the Sean Ellis score hit the threshold that we find really compelling.

**Lenny Rachitsky** (0:35)
I want to talk about strategy.

**Jag Duggal** (0:36)
Kevin Systrom in the early days of Instagram, I heard him say it at a conference, we may not be right, but at least we are clear. Even if your strategy isn't right, you have a very clear idea of what was supposed to be happening.

**Lenny Rachitsky** (0:49)
Where do you think all of this goes in the future?

**Jag Duggal** (0:51)
Why not have the company that reinvents banking come out of Sao Paulo, Mexico City, Bogotá?

**Lenny Rachitsky** (1:01)
Today, my guest is Jag Duggal. Jag is Chief Product Officer at Nubank, which is one of the most under-the-radar monster businesses that you'll ever come across with a fanatical user base and a really unique approach to building product. Before Nubank, Jag was Director of Product Management at Facebook, leading monetization of video and third-party content, including news, gaming and influencer content. Prior to Facebook, he was Senior Vice President of Product and Strategy at Quantcast and Group Product Manager and Head of Strategy for Display Ads at Google, which was Google's second largest business at the time. In our conversation, we cover how to build products that people become fanatical about, how to develop a strategy, category design, product line expansion, the future of fintech and tons more. With that, I bring you Jag Duggal after a short word from our sponsors. And if you enjoy this podcast, don't forget to subscribe and follow it in your favorite podcasting app or YouTube. It's the best way to avoid missing future episodes and it helps the podcast tremendously.
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Jag, thank you so much for being here. Welcome to the podcast.

**Jag Duggal** (4:38)