Fractional CFO for SaaS and technology businesses
Raise, refinance, list or sell at the right price.
Most CFOs have seen a capital event from one side of the table. I have sat in all three chairs: adviser on 75+ IPOs, the CFO executing them, and a founder raising for his own business. That is what you get, for the days you need it.
Track record includesLoopUpDestiny PharmaHummingbird TechnologiesGLASWeSwap
IPOs advised on, as reporting accountant, Nomad and Sponsor
ARR growth as Group CFO at LoopUp, with zero logo churn
raised in Destiny Pharma’s AIM IPO, as CFO three days a week
net revenue retention at LoopUp, on metrics I built from scratch
The problem
Most deals don’t fail. They complete worse.
The raise still closes and the sale still completes, just at a lower price, on worse terms or with a covenant that bites a year later. By the time anyone spots why, it is too late to do anything about it. It usually comes down to one of these.
The late price chip
The buyer’s accountants find in week three what you should have found in month one, and the price moves.
Two versions of NRR
The board pack says one thing and the data room says another. Nobody was gaming it; the definitions drifted. The investor still notices.
The surprised lender
A covenant wobbles and the bank hears it from the compliance certificate rather than from you. Now every conversation starts from distrust.
The morning after
Everyone was so focused on completion that nobody planned for the new investors, new covenants and new board that arrive with it.
Why me
There are a lot of fractional CFOs now. Here is the difference.
Plenty of excellent finance leaders have gone fractional. What you are really buying for a capital event is how many times someone has been in the room for one, and from how many sides.
Advising someone through a raise and lying awake wondering whether you can make payroll are not the same beast. They are barely even the same species.From The most painful fundraise I ever did was my own
What people say
From founders, CEOs and the teams I have led.
“Simon has been mentoring me… as I build my business. I have counted on his honest and constructive guidance and feedback to help when I need it (and when I don’t realise I need it!)… It takes a village to build a business, especially as a first time founder, and I’m lucky (and grateful) to have Simon in my corner.”
“His strategic leadership turned the company from delivering isolated projects and ad-hoc wins into a product-focused company with a clear vision. Within a short few months, Hummingbird’s story was much more clear, the team was significantly more focused and motivated…”
“His ability to nail down the crux of problems and communicating them, whilst also bringing out the best ideas amongst the team, helped us to execute faster than ever. He’s a leader that instills confidence.”
“Simon would be an asset to any team looking to build and grow into a successful, profitable company. He has a deep understanding of financials at every level of business.”
“He taught me much in terms of project management and how to quickly identify key issues and understand the major risks to a business.”
From recommendations on LinkedIn.
What I do
Everything a capital event needs from finance.
Raising capital
Equity and debt, from venture and private equity rounds to AIM IPOs. The equity story, the model, the data room, the advisers and the investors, and the diligence questions answered before they are asked.
IPO readiness and listed-company finance
Getting ready for admission to AIM or the Main Market: governance, reporting, working capital, prospectus and Nomad diligence. Then the obligations that come after, including the case for leaving.
SaaS metrics investors can trust
ARR architecture, cohort analysis, NRR and CAC payback, defined once and owned by finance, so the board pack and the data room tell the same story.
Lenders, covenants and refinancing
Keeping lenders onside when the plan is missed, renegotiating covenants and refinancing debt. At LoopUp I refinanced c.£8M of bank debt through covenant breaches.
Finance transformation
Fewer systems, a leaner team and faster cash. At LoopUp: four systems onto one platform, finance headcount down about 30% as complexity rose, adviser costs cut by more than half, and DSO from 150+ days to under 60.
Exit readiness and turnaround
Numbers, story and team ready for a buyer’s diligence, so there is no late price chip. And when the model itself needs fixing, an honest review and a funded plan a demanding board will back.
Who it’s for
A good fit, and not.
A good fit
- SaaS or technology businesses, typically PE- or VC-backed, AIM-listed or founder-led
- A raise, refinancing, listing, acquisition or sale in the next 6 to 18 months
- A board that wants the numbers to stand up to a buyer, lender or investor
- A founder or CEO who would rather hear the hard question now than in diligence
Not the right fit
- Bookkeeping or monthly management accounts on their own
- Businesses with no event or change of ownership on the horizon
- Anyone looking for a signature rather than a challenge
How it works
As much CFO as the business needs.
- 1
A 30-minute call
Where the business is, what is coming up and what is worrying you. You will leave with a view on the biggest risk, whether or not we work together.
- 2
A written proposal
Scope, days per month and what done looks like, in plain English. No retainer for the sake of it.
- 3
Work on the event
I work on the raise, refinancing, listing or exit itself, alongside your team and advisers, and through completion to the morning after.
Ongoing
A set number of days a month
Board-level finance leadership while you build towards the event: board packs, investor reporting, planning, cash and the finance team.
Transaction
A defined project
Leading one event from start to finish: a funding round, an IPO, a refinancing, an acquisition or an exit.
Interim
Stepping in
Covering a gap at short notice, after a departure or when things get harder, and handing over cleanly to a permanent hire.
I took Destiny Pharma through its AIM IPO as its first CFO on a three-day-a-week contract, which everyone told me was mad. It raised £18M and won Deal of the Year at Insider’s South East Dealmakers Awards.
Free self-assessment
How ready are you for your next capital event?
Twelve questions, three minutes. You get a score across metrics, the equity story, diligence and lenders, and the specific gaps a buyer or investor would find first. Your answers never leave your browser.
Track record
Thirty years, with the numbers attached.
| 2022–2026 | LoopUpGroup CFO | Cloud telephony SaaS. Grew ARR from $1M to about $13M with zero logo churn and NRR above 120%. Raised about £16M of private equity, refinanced c.£8M of bank debt through covenant breaches, led the voluntary AIM delisting, and acquired a book of contracts generating $20M+ of net cash at no upfront cost. |
| 2021–2022 | Hummingbird TechnologiesCFO and Interim CEO | Drone and satellite analytics for agriculture. Stepped up to interim CEO, led a rapid strategic review, moved the business from bespoke consulting to repeatable products, halted high staff turnover, and took a funded plan to a board spanning sovereign wealth, venture and trade investors. |
| 2020–2021 | GLASInterim CFO | Interim finance leadership at a fast-growing independent provider of loan agency, bond administration and trustee services, with a niche in special situations and restructurings. |
| 2020 | Jiva.aiCEO | Led an early-stage machine learning platform business, including its fundraising. |
| 2018–2019 | Level GlobalCFO | Finance leadership at a cloud-hosted AI platform automating complex business decisions and processes. |
| 2015–2018 | Destiny PharmaFirst CFO | Joined to prepare for and execute the IPO, on a three-day-a-week contract. Admitted to AIM in September 2017, raising £18M+, and named Deal of the Year at Insider’s South East Dealmakers Awards. |
| Earlier | WeSwapCo-founder | Invented the peer-to-peer currency exchange algorithm, built the first multi-currency prepaid Mastercard in Europe, and raised capital as a founder. |
| Earlier | Reporting accountant, Nomad and SponsorCorporate finance adviser | Adviser on 75+ IPOs. Author of five London Stock Exchange prospectuses, with transactions across AIM, the Official List and private markets. |
Questions
What people usually ask first.
Can a part-time CFO really run an IPO or a fundraise?
Yes. I took Destiny Pharma through its AIM IPO on a three-day-a-week contract and it raised £18M. What a capital event needs is judgement at the right moments, not a person at a desk five days a week.
How many days a month is typical?
It depends on the event and how close it is. Preparing for a raise needs less time than the weeks around completion, so we agree a starting level and change it as the event gets nearer.
What does it cost?
It depends on the days and the scope, so I put a fixed proposal in writing after the first call. The call itself costs nothing.
How do you work with our existing finance team and advisers?
Alongside them. Your team keeps running the numbers; I make sure they are the right numbers and that they hold up. I have sat in the Nomad’s and the reporting accountant’s chair myself, so I know what your advisers need and when, which makes them faster and cheaper to work with.
Do you only work with SaaS businesses?
SaaS and technology are where I am deepest, but I have also worked in biotech, fintech, agritech and financial services. What matters more than the sector is that there is a capital event to get right.
Where are you based?
London. I work in person or remotely, with businesses in the UK and internationally.
Insights
How I think about it.
Short essays on capital events, SaaS metrics and what boards get wrong about hiring.
Next step
A capital event on the horizon?
Thirty minutes, no charge. Tell me where the business is and what is coming up, and you will leave with a view on the biggest risk, whether or not we work together.