Fintech CFOs at companies like SoFi and Stripe are the living embodiment of startups leading the way and transforming the traditional role of strategic CFO into the operational CFO.
For example, Stripe’s CFO, Will Gaybrick, recently transitioned to chief product officer. This was a logical next step since there is a lot of crossover in raising funds, managing liquidity, running operations and helping to shape product-market fit—and in Stripe’s case, product development.
Michelle Gill's 14 years of experience as a managing director at Goldman Sachs provided her with know-how regarding banking partnerships and with a strong background in capital markets to help her define SoFi’s future offerings as the fintech's CFO.
At any startup, but especially at a fintech company, having a strong command of finances is key, especially because liquidity usually is part of the product offering.
To position a payment startup or fintech for success, the CFO has to play an active role in fundraising, and setting up projection plans, while overseeing budgeting and accounting, managing liquidity and making sure operations are intact.
At times during a company's evolution, the CFO may even manage customer service, sales and marketing.
While there is some element of startup scrappiness to these various roles, it’s also indicative of the changing role of the CFO within modern organizations. It’s a role that requires a lot of agility, but it’s also a role that hopefully mirrors the company itself: developing and dynamically responding to the market’s needs.
Silicon Valley is home to many startups and companies thinking about the ways they will disrupt existing models and redefine the next decade of business. Isn’t it time Silicon Valley took this line of thinking one step further and instead of focusing only on building disruptive brands, started focusing on disrupting traditional roles?
The role of CFO today requires wearing many hats in order to reflect your company’s needs. CFOs aren’t contained to the back office, nor are CFOs only strategic in nature. Instead, the operational CFO picks up on where the CEO, CTO and others have left off, complementing the company’s vision while driving the operation. The operational CFO’s role evolves and grows with the companies of the future.
