Does your FinTech need a CFO?

David Harvey our consultant managing the role

FinTech is an engine for growth, pushing the boundaries of innovation and transformation within the financial services sector. According to Deloitte, the UK market has the potential to drive a GVA uplift of £3bn in the next three years, creating more than 50,000 jobs in the process. To tap into this growth, you need a strong team that is well-versed in the financial performance of the business, and that team may include a talented Chief Financial Officer (CFO).

Broadly speaking, a CFO will seek ways to bring more money into the company, meanwhile looking internally at how the business can be more financially efficient. This only touches on the surface of what a CFO could bring to your business, as their daily responsibilities can encompass M&A strategy, regulatory relations, strategic planning, performance tracking, providing leadership with budgets, and more.

That still leaves the question, What makes the role of a FinTech CFO unique?

CFOs provide invaluable insight into the rapidly evolving FinTech space

With technology advancing at dizzying speeds, FinTech companies need to be dynamic and assess everything through an entrepreneurial lens. A CFO will do just this, ensuring the company stays relevant and maintains, or grows, its market share. Warding off competition is a top priority for any business, particularly those in the FinTech market, as more start-ups enter the scene, attracting fresh injections of capital. According to KPMG's Pulse of FinTech report, H1 2021 recorded a ground-breaking $98bn in investments, with a sizeable $5m share attributed to private equity.

A CFO will keep a watchful eye on shifts in the market, adjust their strategic planning accordingly, and advise key stakeholders about the right steps to make.

CFOs have a proven ability managing relationships with stakeholders

In any FinTech company, the CFO must work closely with stakeholders, particularly during the capital-allocation process. Whilst evaluating the different projects, a CFO will aim to balance the conflicting objectives of different stakeholder groups, and find a solution that works in the best interest of the business. Particularly for FinTech businesses, this means balancing the promises and risks of innovation - an art that when perfected, has the power to drive investments.

Gartner found that new-to-role CFOs who adopted a strategic approach to stakeholder management and relationship building were 50% more likely to be successful in their transition. Considering that a poor hire can incur huge costs for FinTech companies, looking for strategic CFOs should be a top priority for any talent acquisition team.

CFOs have a working knowledge of risk mitigation

Many FinTech teams will consider hiring a general counsel to assist with risk mitigation. However, if you're still weighing up this decision, don't overlook the role your CFO will play within risk management. CFOs assist in streamlining business operations, keeping the company on track during the good times, but more importantly, making sure all runs smoothly during challenging times, such as the pandemic. As we transition into the post-Covid landscape, CFOs will be keeping a sharp eye on managing business continuity (BC) risk and building resilience at all levels.

Should you hire a CFO, or outsource an interim CFO?

The needs of a business depend on its size, structure, market and goals. Therefore, the role of a CFO will differ from one company to the next. The CFO Magazine outlines four core roles:

  • The strategist - crafts corporate strategy
  • The change agent - generates business value
  • The producer - standardises and automates transactional processes
  • The guardian - standardises control and compliance processes

Just as the role of a CFO will change depending on the company, their role within that company will also change with business needs. If you're looking for a trusted advisor who will act as a sounding board and sense-check KPIs, a CFO should be your next hire. Alternatively, if you want a consultant who has worked with many businesses and therefore has a breadth of knowledge and experience, an interim CFO could be better suited to your company.

Whatever stage your business is at, having a c-suite executive who will provide strategic financial insight is essential for your success and growth.


When the time comes to hire your CFO, you need to position your company as an employer of choice to attract the top FinTech talent.

Partner with Marks Sattin and we'll help you find your CFO

Finding a CFO is cumbersome at the best of times, but in a candidate short market, the task could swallow up an inordinate amount of time. This is where Marks Sattin can help you. We're a heritage recruitment brand with specialist experience in executive search. Our 30 plus years of experience has enabled us to become experts in finding, nurturing and managing the highest quality talent.

Explore our financial services recruitment page to learn more about what we do, and get in touch to start the conversation about how we can help your business.

27/01/22
posts

Related articles

Why London is the best place to find your next contract opportunity
Why London is the best place to find your next contract opportunity

Teaser

General

Content Type

Career Advice

29/03/24

Summary

Are you considering a change of scenery? Just look at London - an incredibly diverse city, with over 1,600 languages spoken and 300 nationalities represented.  At the centre of the UK's 4.2 milli

Teaser

Land your next contracting job in London with Marks Sattin.

Read full article
Julia Aruci

by

Julia Aruci

Julia Aruci

by

Julia Aruci

finance jobs
Optimise your UK finance careers job search: 5 strategies for success

Teaser

Finance & Accounting

Content Type

General

23/10/23

Summary

In 2022, the UK’s financial industry produced £278bn of economic output, 12% of the entire UK’s economic output, and £100bn in tax revenue.  This sector is highly profitable, attracting top talent f

Teaser

Discover the top 5 strategies to enhance your job search in the UK finance industry.

Read full article
Nathan  Jones

by

Nathan Jones

Nathan  Jones

by

Nathan Jones

What’s next in the UK venture capital market?
What’s next in the UK venture capital market?

Teaser

Financial Services

Content Type

General

18/10/23

Summary

The UK's macroeconomic landscape continues to present a mixed picture, with some indicators showing signs of improvement while others remain concerning. Inflation, as measured by the Consumer

Teaser

Overall VC deal value continues to fall, but up QoQ

Read full article
Tracey Alper

by

Tracey Alper

Tracey Alper

by

Tracey Alper

jobs

Related jobs

We are sorry we can't find what you're looking for


Why not try one of the following ...

View all jobs