Scaling a FinTech’s finance function
The brief
A blockchain-based payment start-up needed to develop its finance function and to create in-house capabilities which could support the planned growth and increasing complexity of the business.
The previous finance department was set-up with a poorly defined governance model, data architecture and legal entity structure. This set up resulted in inaccuracies, delays in reporting and a recurring need for manual intervention to cleanse data, which resulted in an unscalable finance department.
Our approach
This project involved:
- Conducting a diagnostic assessment to determine targeted finance solutions relevant to the business and the maturity of the specific client;
- Providing a fully managed service targeting all operating sub-functions within a finance department;
- Transforming the finance department into a key driver of predictive and strategic decision making by redefining and documenting processes and controls to ensure a more efficient and operationally resilient finance department;
- Creating golden sources of data to enable linking data across the finance department and the business as a whole.
The solution and key benefits
We transformed the finance department to be more efficient, seamless and require less manual intervention. The finance function can now facilitate strategic, real-time decision making with higher straight through processing which allows the department to scale without the need of additional headcount. The finance function can also now spend more time on value enhancing activities and help drive the strategic direction of the firm.
