The top 10 fintech CFOs 🚀 | Fintech for CFOs
Erez Greenberg| May 25, 2023
Welcome to Fintech for CFOs, a twice-monthly news digest for CFOs and finance teams with three key fintech stories – summarized by experts and powered by Papaya Global.
Here’s what you need to know right now, May 25, 2023 👇
The Fintech Partnerships Analysis: Q1 2023 – The Paypers
- The article analyzes prominent partnerships in the global fintech industry in Q1 2023, focusing on Open Banking, A2A payments, embedded finance, B2B payments/lending, and expansion into separate verticals.
- Q1 2023 collaborations within the fintech space showcase a predilection towards leveraging modern payment technologies for modernising an enterprise’s offering.
- Although in the past banks and financial institutions have been reticent about partnering with fintechs, the movement taking place in 2023 highlights that this apprehension has begun to dissipate, due to the benefits found in API access, fintechs’ enablement to navigate strict regulations, immediate access to advanced tech, together with improved brand reputation.
- The trend of banks and financial institutions embracing fintech partnerships is driven by the need for innovation, improved customer experience, and competitiveness in the digital era.
- Traditional banks and financial institutions feel the pressure to collaborate with fintechs, with 77% recognizing the benefits such as revenue growth and improved customer experience.
- Europe and North America saw significant activity around Open Banking and digitalization. Other worldwide fintech developments covered accounting automation, B2B lending, and digitalization initiatives, with Mastercard, Visa, ING, and PwC being among the active names.
How fintech can adapt to a tougher environment – Financial Times
- After the 2008 financial crisis, the fintech sector experienced a burst of creative problem-solving, powered by new technology and low interest rates.
- But in 2023, the disappearance of cheap funding is causing concern across the sector, as private investors face greater pressure to deliver returns.
- Private company funding of fintech firms dropped by about 66% YOY in Q4 2022. Funding slightly increased in Q1 2023 primarily due to Stripe’s funding round; however, the number of financing rounds remains below previous levels, creating a more competitive environment for fintech firms.
- Fintech firms are now focusing on survival and profitability rather than pursuing growth at any cost, as they face the need to attract cost-conscious clients and wary investors.
- Agility, the ability to adapt to new business models, product offerings, and funding opportunities, will be the key differentiating factor for fintech firms amid fierce competition and diminishing revenue sources.
- The survivors in the fintech industry will have the advantage of operating in a market with fewer competitors, highlighting the importance of out-competing other players rather than focusing solely on external challenges.
Top 10 CFOs at fintech companies – Fintech Magazine
- Given the increasing and importance of the CFO role as businesses prioritize profit and cost-reduction, Fintech Magazine have compiled a list of the top 10 CFOs at fintech companies. We’ve included the top three below, with links to their LinkedIn profiles:
- Number 3, Vasant Prabhu: Prabhu, CFO of Visa since February 2015, oversees financial strategies, planning, reporting, and IR functions. With a background in the entertainment industry, he previously held CFO positions at NBCUniversal and Starwood Hotels and Resorts. Prabhu also gained experience in FMCG and retail at Safeway and PepsiCo.
- Number 2, Robert Hau: Bob Hau, the CFO of Fiserv, a leading global fintech, brings nearly 30 years of financial leadership experience from roles at TE Connectivity and Honeywell’s aerospace division. Based in Milwaukee, he holds an MBA from USC Marshall School of Business and a bachelor’s in business administration from Marquette University. Fiserv’s mission is to move money and information, making a positive impact on the world.
- Number 1, Michelle Clatterbuck: Michelle Clatterbuck joined Intuit in 2003 as a finance manager and has progressed to become the company’s top finance officer. As CFO, she oversees all financial functions, including treasury, procurement, investor relations, and finance operation. After a 20-year tenure, Clatterbuck has decided to pursue a new direction and will step down from her role as CFO in July.