Inside Public's Product Strategy - Deep Dive w/ Leif Abraham

About this video

• Video Title: Inside Public's Product Strategy - Deep Dive w/ Leif Abraham
• Channel: Rex Salisbury
• Speakers: Rex Salisbury, Leif Abraham
• Duration: 00:44:27

Overview

This video is a deep dive with Leif Abraham, co-founder and COO of Public, an investing app. Rex Salisbury interviews Leif about Public's product strategy, the company's evolution, and its approach to serving serious investors. They discuss Public's decision to move away from Payment for Order Flow (PFOF), their product development over the years, their target audience, marketing strategies, and the challenges and lessons learned in building a fintech company.

Key takeaways

• Public's Strategic Shift: Initially launched with a social angle, Public has evolved to focus on providing a serious, fully-featured platform for investors, targeting the "top 20% of Millennials."
• No PFOF Stance: Public opted out of Payment for Order Flow to build trust through transparency, a decision made during the GameStop saga when PFOF practices became a public concern.
• Product Expansion: The company has significantly expanded its product offerings, including bonds, IRAs, treasuries, and options, to cater to a more sophisticated investor base.
• Marketing Evolution: Public has shifted from creator-led acquisition to building its own media properties, such as podcasts, recognizing the longer consideration cycle of their target audience.
• Fintech Build Complexities: Building in fintech is significantly more complex than typical software development due to regulatory environments, numerous third-party integrations, and the need for robust trading systems.
• Organizational Lessons: Rapid growth and a "rocket ship" perception can attract the wrong talent; Public learned the importance of maintaining a lean organization with minimal process to focus on core work.
• Balancing Growth and Discipline: While raising substantial capital allowed Public to weather the "fintech winter," the company emphasizes discipline in spending and hiring to ensure sustainable growth.