Practical articles on regulation, fundraising, cashflow and strategic finance. Written by a practising fractional CFO who has done it in the real world.
A plain-English breakdown of CP25/14 and CP25/15 — the two consultation papers that will define the UK stablecoin authorisation regime.
FCA & RegulatorySixteen months of MiCA in live operation -- how UK firms with EU exposure are managing dual-jurisdiction crypto compliance and where the UK regime diverges most.
CFO StrategyAI agents executing multi-step financial tasks are moving from pilot to production. A practical guide to governance, controls and the real productivity gains -- and risks.
FundraisingThe UK IPO market is recovering. A decision framework for CFOs weighing public listing, secondary private round and strategic sale -- with a realistic preparation timeline.
CashflowAs the BoE cuts from the 5.25% peak, yield on corporate cash falls and working capital dynamics shift. How to reposition treasury strategy for a falling rate environment.
FCA & RegulatoryR&D tax relief, employer NIC, SEIS limits and crypto asset treatment -- the Spring Budget measures that require immediate CFO action.
FCA & RegulatoryThe real cost of DORA compliance for a mid-size fintech: people, technology, testing programmes and third-party audit -- with a practical CFO cost model.
Finance FundamentalsHow IFRS 15's five-step model applies to usage-based, hybrid and subscription SaaS pricing -- and the common errors auditors flag.
PaymentsFloat income, interchange, fee revenue and pass-through costs -- how to build and present a BaaS P&L that investors and regulators can understand.
FCA & RegulatoryA comprehensive 50-point CFO readiness checklist covering capital, governance, systems, controls and the FCA application itself -- seven months out from the gateway opening.
FundraisingThe lenders, the real cost (interest, warrants, OID, arrangement fees), the covenants and the decision framework for when venture debt makes sense vs equity.
CashflowTransaction, translation and economic FX exposure -- how to identify, quantify and hedge each, with guidance on IFRS 9 hedge accounting for finance teams.
CFO StrategyThe board pack structure, metric selection, narrative approach and common failures -- and how reporting should evolve from seed to Series C.
CFO StrategyThe dominant CFO agenda for 2026: regulatory readiness, AI integration, talent, profitability focus and treasury repositioning as rates fall.
CFO StrategyAI is reducing transactional finance work materially. How to restructure the team, manage the transition and hire for the skills the function actually needs.
FCA & RegulatoryThe transfer pricing obligations for UK fintechs with intercompany transactions -- arm's length documentation, master file, local file and the common HMRC challenge areas.
FundraisingHow to calculate LTV and CAC correctly, what benchmarks investors actually use, and the unit economics errors most commonly called out in due diligence.
Finance FundamentalsA 40-point year-end checklist covering accruals, cut-off, intercompany reconciliations, audit preparation and the going concern assessment.
FCA & RegulatoryHMRC's expanded crypto tax guidance, CARF reporting obligations, corporation tax treatment of crypto assets and the Section 104 pooling rule for companies.
FCA & RegulatoryConsumer Duty enforcement, the FCA crypto roadmap, PSR strategy updates, Open Banking progress and the HMRC digital asset framework -- the year in review.
CFO StrategyDriver-based budgeting, scenario planning, headcount budgets under AI, regulatory compliance cost lines and the board approval process for the annual plan.
PaymentsAPP fraud reimbursement costs, interchange reviews, VRP roll-out and open banking mandates -- the PSR's five-year strategy translated into CFO financial modelling implications.
CFO StrategyFrom disconnected spreadsheets to an integrated finance stack: what to build at each stage, how to sequence the investment and the common data governance pitfalls.
FCA & RegulatoryThe merged RDEC scheme, the 27% enhanced rate for R&D-intensive SMEs, qualifying expenditure categories and a worked calculation for a fintech claimant.
CashflowHow to build base, downside and stress scenarios, which assumptions to test, the triggers CFOs should define in advance and how to present scenario analysis to the board.
Finance FundamentalsThe three-stage ECL model, simplified approaches for trade receivables, the provision matrix and how the impairment charge flows through P&L and balance sheet.
FundraisingQuality of earnings, working capital analysis, revenue cohort review, the data room checklist and the common issues that kill or reprice Series B deals.
FCA & RegulatoryMethod A, B and C own funds calculations, the FCA's proposed safeguarding reforms and how PI and EMI regulatory capital requirements are changing.
CFO StrategyContribution margin targets, fixed cost leverage, gross margin expansion levers and the path-to-profitability model that Series B investors expect to see.
FCA & RegulatoryWhat the FCA found in its post-implementation reviews, where firms are still falling short, the financial risk of non-compliance and what a robust annual board report must contain.
CFO StrategyWhat AI FP&A tools can genuinely do, what they still cannot, the implementation reality and how to evaluate and select technology without being misled by vendor claims.
CFO StrategyAcquisition vehicle location, debt push-down, IP structuring, withholding taxes and the FX management discipline required between signing and completion.
FundraisingHow to calculate NRR correctly, what good looks like at each stage, the levers that drive it and how NRR compounds over time to determine LTV.
CashflowThe 13-week model, runway extension levers, bridge financing options and how to communicate a liquidity situation to the board and investors before it becomes critical.
Web3 & CryptoHow tokenised bond issuance works, the FCA Digital Securities Sandbox framework, the IFRS 9 accounting treatment and the operational advantages over traditional issuance.
CFO StrategyExactly who to hire, when to hire them, what tools support each stage and the finance function cost benchmarks at seed, Series A, B and C.
FCA & RegulatoryWhy HMRC is focusing on crypto, the types of enquiry, common triggers, proactive preparation and how to manage the response process effectively.
Web3 & CryptoThe genuine use cases, the risks that make most treasury teams cautious, the IFRS accounting treatment and a balanced framework for evaluating stablecoins in a treasury policy.
CFO StrategyWhat a fractional CFO can and cannot do, the cost comparison, the trigger points for a full-time hire and how to structure the transition effectively.
Finance FundamentalsBusiness email compromise, fake supplier scams, expense fraud and the control framework required for a distributed finance team -- including a controls matrix.
CFO StrategyThe three things investors actually want, the right format, model-specific metrics for SaaS and fintech, how to present bad news and the relationship with the board pack.
FCA & RegulatoryPlace of supply rules, EU OSS regime access for UK firms, the financial services VAT exemption and which fintech services are and are not VAT-exempt.
PaymentsWhat the digital pound is, the design features under consideration, the implications for payment infrastructure and safeguarding if it goes live, and the realistic timeline.
FundraisingThe common cap table problems that kill or delay fundraises, how to clean up a messy structure and what investors look for in equity due diligence.
CashflowThe cash conversion cycle, receivables and payables levers, invoice financing options and how rapid revenue growth creates a working capital trap.
FundraisingDeal volumes, valuations by stage, which sectors are attracting capital, the fundraising timeline reality and what CFOs must prepare for a 2025 raise.
FCA & RegulatoryTransfer pricing on intercompany loans, the thin capitalisation risk, the Corporate Interest Restriction rules and how to set defensible arm's length interest rates.
FundraisingThe defensible adjustments, the ones investors challenge, how to present a clear adjustments bridge and what the FRC and ICAEW say about non-GAAP metrics.
FCA & RegulatoryThe UK AML framework, CDD and EDD requirements, transaction monitoring, suspicious activity reporting and the personal liability of CFOs under the failure to prevent offence.
Finance FundamentalsThe architecture linking P&L, balance sheet and cash flow, the key fintech revenue drivers, common structural errors and the mistakes investors find in models they review.
Web3 & CryptoLiability vs equity vs revenue -- how the nature of the token and the attached obligations determine IFRS treatment, with a decision tree for token accounting classification.
FundraisingAnti-dilution mechanics, accounting and disclosure implications, shareholder communication obligations and how to rebuild credibility after a down round.
FCA & RegulatoryThe company qualifying tests, investor reliefs in detail, advance assurance process, compliance requirements and common mistakes that invalidate relief.
FCA & RegulatoryOBR growth forecasts, the employer NIC implementation context, R&D relief changes and the fiscal signal for fintech funding and investment.
Finance FundamentalsAP fraud risks in automated environments, the controls that must surround automation and the cost-benefit case for AP automation with a secure implementation approach.
FundraisingWhen debt makes sense vs equity, the debt instruments available to growth companies, the true cost calculation and how to present a blended capital structure to investors.
CFO StrategyQuality of earnings, working capital analysis, debt and debt-like items, tax and regulatory capital -- the FDD workstreams and the red flags that lead to price chips.
Web3 & CryptoFRS 102 treatment of crypto assets, the impairment-only model, trading stock classification, corporation tax timing differences and the disclosure requirements.
FundraisingThe state of VC funding entering 2025, how to position a raise in a competitive environment, realistic timelines and what term sheets look like in the current market.
PaymentsIlliquid currency markets, capital controls, NDF hedging instruments and treasury management for a company holding positions in ten-plus currencies simultaneously.
FundraisingWorked examples showing founder outcomes under different preference structures at the same exit valuation -- the economics that matter beyond headline valuation.
CFO StrategyThe regulatory calendar, AI implementation agenda, talent priorities, the 2025 fundraising environment and treasury strategy in a moderately high-rate environment.
FCA & RegulatoryOutput floor changes, standardised approach floors, FRTB and the counterparty implications for fintechs and corporates relying on bank lending and correspondent relationships.
Finance FundamentalsRight-of-use asset mechanics, the P&L impact on EBITDA and operating cash flow, how lease modifications are handled and a worked numerical example.
Finance FundamentalsWACC calculation, how elevated risk-free rates have increased cost of equity, the implications for investment decisions and how to recalibrate hurdle rates.
FCA & RegulatoryFull expensing, R&D claim preparation, group relief planning, the October 2024 Budget changes taking effect April 2025 and crypto asset timing considerations.
CFO StrategyInformation rights obligations, best practice for monthly updates, managing the narrative through difficult periods and the CFO's specific role in investor relations.
FundraisingDeal volumes, valuation resets, which sub-sectors attracted capital and the quality bar investors applied -- with implications for 2025 fundraising strategy.
CFO StrategyFinance function maturity assessment, gap prioritisation, sequencing the investment in people, systems and governance and how to present the roadmap to the board.
FCA & RegulatoryEmployer NIC rate to 15%, threshold to £5,000, CGT rate increases, carried interest changes and BADR rate changes -- with specific actions before April 2025.
PaymentsFund flow architecture, float management, safeguarding obligations, FX management in multi-currency flows and the reconciliation discipline required.
Finance FundamentalsRevenue recognition risk areas, the PBC schedule, common errors that cause delays, the going concern assessment and building a productive auditor relationship.
CashflowGross vs net burn, the 18-month runway rule, the 13-week cash flow model, the burn multiple efficiency metric and the decision framework for when to cut vs invest.
FCA & RegulatoryThe realistic authorisation timeline (12-18 months), the common reasons for delays, the cost of preparation and how to submit a complete, high-quality application.
Finance FundamentalsWhat creates it, when to recognise it, how it affects the cash flow statement (the counterintuitive direction) and how investors interpret a growing deferred revenue balance.
CashflowInvestment objectives, permitted instruments, counterparty and concentration limits, FX policy, board approval and a template treasury policy structure.
CFO StrategyDay one readiness, IFRS 3 accounting, goodwill and fair value, synergy tracking, integration cost disclosure and a 100-day integration finance checklist.
FCA & RegulatoryModel risk, explainability in credit decisions, Consumer Duty and AI outcomes, model governance requirements and the EU AI Act for UK firms with EU operations.
FCA & RegulatoryQualifying conditions, the investor tax advantages in detail, the advance assurance valuation process, disqualifying events and the post-Budget BADR rate changes.
FundraisingStructural options (SAFE, convertible, flat round), the negotiating positions that matter most, running a competitive process with limited competition and managing existing investors.
CashflowReceipts and payments method, key inputs, the weekly update discipline, variance analysis and the early warning indicators that should trigger board action.
Finance FundamentalsThe capitalisation criteria, the research-to-development phase transition, cloud/SaaS cost treatment and how capitalisation affects EBITDA and operating cash flow.
PaymentsVRP mechanics, the PSR mandate, the revenue model implications for payment firms and the cash flow timing and reconciliation implications for billing businesses.
Finance FundamentalsMarketplace P&L architecture, two-sided unit economics, liquidity economics and how to explain the business model to investors more familiar with SaaS.
CFO StrategyCurrent mandatory requirements, the LP push-down effect through PE/VC funds, fintech-specific ESG metrics and how to build a proportionate reporting framework.
FCA & RegulatorySubstantial Shareholding Exemption, dividend exemption, CFC rules, the Patent Box regime, IP structuring and the governance implications of a group structure.
PaymentsThe four-party scheme flow of funds, the regulatory caps, how to model blended interchange by card mix and the impact of PSR reviews on net interchange revenue.
CFO StrategySixty questions across revenue quality, cost structure, working capital, balance sheet, tax and regulatory capital -- a self-assessment for fundraising and M&A readiness.
CashflowBank deposits, money market funds, short-term gilts and fixed deposits -- the tradeoffs, how MMFs work and a tiered cash management policy for corporate treasurers.
Finance FundamentalsPurchase price allocation, goodwill treatment, separately identified intangibles, contingent consideration and a worked PPA example for a fintech acquisition.
FCA & RegulatoryMethod A, B and C calculations for PIs, the EMI 2% own funds requirement, qualifying instruments and a worked calculation showing how the combined requirement is determined.
FundraisingThe main grant schemes, eligibility criteria, how to write a winning application, IAS 20 accounting treatment and post-award compliance obligations.
FundraisingThe revenue quality spectrum, how investors apply different multiples to different streams, how to improve revenue quality over time and the due diligence red flags.
PaymentsBalance sheet vs facilitation models, regulatory requirements, loan book funding, credit risk and IFRS 9 provisioning for platforms adding lending capabilities.
FCA & RegulatoryEMI, CSOP, Growth Shares, RSUs and unapproved options compared across tax treatment, qualifying criteria, suitability and IFRS 2 accounting treatment.
Finance FundamentalsWhat belongs in COGS for a fintech, fixed vs variable cost classification, operating leverage dynamics and benchmark expectations at each funding stage.
CFO StrategyDay one readiness, the 30/60/100-day workstreams, ERP integration sequencing, synergy tracking, people management and the finance integration risks most often underestimated.
Web3 & CryptoHow the DSS works, which asset types qualify, who should apply, the modified regulatory requirements and the CFO implications of operating within the sandbox.
Finance FundamentalsHow to calculate DSO correctly, the debtor ageing analysis, credit policy design, the collections process and when to use invoice factoring or discounting.
CFO StrategyWhen to build FP&A, the right first hire profile, FP&A software vs Excel trade-offs, the operating cadence and how to make FP&A a genuine business partner.
Web3 & CryptoThree positions CFOs can take on crypto, the IFRS accounting treatment, treasury policy requirements, board governance and the 2024 regulatory environment.
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