Lenny's Podcast · May 22Unconventional product lessons from Binance, N26, Google, more | Mayur Kamat (CPO at N26)
It reached number one within six months with 2,000 employees and a flat structure, with the CEO having 55 direct reports and a nightly 11 PM leadership call. When KYC cut sign-up conversion from about 100% to 2%, the KYC team grew from 20 to 500 people and tracked about 500 country and document cells.
Tips
- Break a conversion problem down cell by cell across countries and documents▶ 11:00A passport in Kazakhstan converted poorly, which triggered vendor and imaging questions at the cell level.
- Assign an owner to urgent problems and review progress daily▶ 7:58One assigned problem was getting 15 financial licenses in 15 countries in three months; teams of 10 to 20 people ran multi-billion dollar profit businesses.
- Early in your career, join fast-growing companies to compound learning▶ 19:16At Microsoft, products from his internship had not shipped by the time he left three or four years later; at Binance things shipped every hour.
