When a high-growth FinTech company sought to go public within 12 months, it faced a number of challenges:
- It had experienced rapid organic growth, which put a strain on the existing finance function.
- Its hypergrowth made it difficult to strategize for the public listing and the upcoming first full audit.
- Management was considering an acquisition that would need to be fully integrated prior to the initial public offering (IPO).
- Management was also considering upgrading the firm's technology stack.
- General lack of resources and appropriate technical skills across the organization didn't allow for a comprehensive strategy.
Seeking expert IPO readiness and CFO support, the FinTech company engaged CrossCountry Consulting to help lead the process.
CrossCountry Consulting's deep experience in FinTech IPOs, audit readiness, and technology implementations was leveraged from the start. Because there were multiple risk and strategy vectors at play, our team of M&A and business transformation experts accomplished several coordinated tasks.
1. We assisted management in the performance of a finance function "health check," which focused particularly on people, process, and technology. We identified areas for potential enhancement for both the current and future state of the firm.
In the leadup to the IPO, we performed an IPO readiness assessment to identify investments that still needed to be made to ensure a successful IPO.
2. To prepare for the firm's audit and acquisition, we provided audit support assistance, which included:
- Project management.
- Preparation and documentation of relevant accounting policies and procedures.
- Development of a comprehensive M&A playbook with an accelerated integration strategy right-sized for the firm.
3. As part of the wider transformation effort, we assisted in the upgrade of the company's tech stack, which included:
- A custom technology strategy to augment existing system capabilities.
- Implementation of Sage Intacct to replace QuickBooks.
- Implementation of Adaptive Insights for budgeting.
- Implementation of FloQast for automated monthly close processes.
Overall, the FinTech client was newly empowered on its IPO journey with unique financial and technological solutions. This enabled the company to:
- Establish a repeatable audit process.
- Leverage a go-to playbook for future M&As and integrations.
- Better analyze, review, and prepare key financial and operational information.
- Execute a "go public" strategy for several core business functions, with essential focus on the finance function.
- Execute a strategy for the Office of the CFO (OCFO) that would meet the growth trajectory of the company.