In this episode, I sit down with Leif, Co-founder and Co-CEO at Public, an investing platform built for people who take investing seriously. We discuss how Public raised $400 million, doubled its user base in just 48 hours, and evolved beyond commission-free trading to offer options, treasuries, bonds, and more. Leif shares their no-payment-for-order-flow approach, emphasizing transparency and trust, and reveals how product velocity and AI integrations are helping them reach the mass-affluent market.

We also dive into the importance of keeping teams lean, focusing on discipline over hype, and staying true to the company’s mission despite market cycles. From avoiding organizational meltdowns to crafting a long-term product strategy, this conversation sheds light on Public’s journey toward becoming a comprehensive fintech powerhouse.

00:00:00 - $400M Raise & Doubling Users

00:01:31 - Building for Serious Investors

00:04:07 - Payment for Order Flow Explained

00:06:49 - Public’s No-PFOF Decision

00:09:01 - GameStop’s Impact & Funding Surge

00:11:54 - Upgrading Product & Brand Tone

00:14:44 - Aiming at Mass-Affluent Clients

00:19:06 - Podcast & Media Strategy

00:22:15 - AI & Alpha: The New Frontier

00:25:20 - Complexities of Fintech Builds

00:29:06 - The 2024 Big Product Launch

00:34:21 - Org Meltdown & Lessons Learned

00:39:16 - Surviving the Fintech Winter

00:42:46 - Balancing Discipline & Growth