Insight

How to maintain capital discipline while driving growth

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Growth feels exciting until the numbers start pulling in the opposite direction. Anyone working in finance knows the pressure of keeping ambition alive while burn edges higher and the market gets tougher.

In a recent episode of Chat CFO, Benyam Hagos, CFO at Form 3, shares how his background in audit and global payments shaped the way he now handles those moments where burn rises, growth must continue, and investors expect more clarity than ever.

A CFO role built around pace, pressure and partnership 

When Benyam Hagos talks about his work as CFO of Form 3, he makes it clear that the job is shaped by speed, investor pressure and constant movement. His motivation started early. He remembers watching his dad head into London and thinking that finance was the path he wanted. That journey took him through PwC, MasterCard and Nium before landing at Form 3, where he says a CFO must have “the entrepreneurial spirit by growing the business” because “no one shrinks to success”.

What drew him in was the partnership with the CEO. The founder had recently stepped into the CEO role and Benyam liked the pace and appetite for change. “We are now more of a double act”, he says, and that dynamic shapes how they run board meetings, speak to investors and build momentum. He never wanted a role built on technical checklists. He wanted open conversations about vision, pressure points and opportunity. A former PwC partner once told him to stay honest, stay himself and stay open, and he says that guidance still drives how he leads.

Managing burn while building a company that cannot slow down 

Benyam is clear that fintech moves quickly. “Every month is important, every close is important, every deal is important”. He learned in big corporates that decisions naturally take longer, but in a company like Form 3 pace becomes survival. He believes a CFO who is too cautious slows the entire organisation. Investors expect ambition, conversations in the market and a push to explore new options. Even so, he says credibility starts with strong foundations. “You lose credibility in front of an audit committee or risk committee if you do not have those controls”. He focuses first on BAU and the right team, then on scale.

This balance sits at the heart of burn and runway. He tells investors he can manage cash well, but warns that “I am just telling them that our burn rate is slower, it is not enough”. They need evidence of clients won, products launched and markets expanded. That is why he spends significant time in the US, which he calls their most important geography. Events like FinTech Meetup feel intense, with “a thousand tables, fifteen minute meetings”, but they help him position Form 3 as a UK company growing strongly in the US.

“An effective CFO is someone who can have that entrepreneurial spirit by growing the business, because no one shrinks to success. You’ve got to be the ones who are pushing the business forward.” – Beyam Hagos

Redesigning go to market while strengthening internal efficiency 

Form 3 has reshaped its commercial leadership and introduced a different go to market strategy. It is harder, more expensive and unfamiliar, but he sees it as necessary. He describes himself as “one of the key salespeople of the company” even though he does not sell directly. He expects the CRO and revenue teams to match that energy, and he holds the same standard for himself. At the same time he puts heavy focus on internal efficiency. Processing volumes are rising, onboarding larger clients is now normal, and the company needs a structure that can handle that load while still giving him freedom to focus externally. He sums it up neatly: efficiency inside, investment outside.

Forecasting, storytelling and staying close to the market 

Forecasting sits at the centre of investor conversations. Boards with VC or PE investors expect more than steady growth. “Nobody wants to see stable ten or fifteen percent”, he says. They want ambition, but missing those targets leads to difficult discussions. He handles this by presenting optimistic and base scenarios with clear risks around each. He has also improved his own storytelling. His team encouraged him to record voice notes after investor meetings, capturing who he met, what was discussed and what follow ups matter. He says it helps him arrive at the next meeting sharper and more prepared.

He keeps a close eye on consolidation too. Many fintechs that raised high in 2021 are now struggling with runway and limited products. They come to market early, sometimes before they have built sustainable scale. “I got loads of stuff across my desk”, he says, and he sees it as both a market risk and a source of opportunity. Even if most ideas do not progress, he believes a commercial CFO should always understand what is available.

Leading people, supporting innovation and managing personal pace 

Inside the finance team, Benyam encourages curiosity and learning, especially around AI. He assigned one of his senior managers to explore use cases and attend events. They did not implement anything yet, but he says the value is in developing skills and bringing energy into the team. He also worries about the shrinking pipeline of accountants, pointing out that audit partners across firms say they struggle to hire. Even so, he believes qualifications like the ACA still carry long term value.

On a personal level, he does not pretend balance is easy. Three children, heavy travel, a CFO role and a non executive position all pull on his time. He tries early starts, slower Sundays and open communication with his team so they know when he is available. He also avoids long task lists. “If something takes two minutes, you should process it in those two minutes”, he says. Planning big deliverables early and working closely with his CEO keeps him grounded.

 

Growing presence, building confidence and finding what energises him 

Although he calls himself a natural introvert, he now pushes himself to be more visible because it helps the business and the team. Fixing an accrual process gets noticed only when you speak about it. He encourages others to do the same, pointing to colleagues who write, speak or teach to build their presence. He admits his friends tease him for it, but he says it matters more as careers progress.

What energises him most right now is the investor landscape. He compares it to pitching in Dragon’s Den, handling conversations with one investor, then three, managing the tension and building relationships that can last ten or fifteen years. “It helps you grow as an individual”, he says, and it is the part of the job that gets him out of bed in the morning.

You are the right hand to the CEO. So that relationship with CEO is absolutely so important to how effective you are as a CFO.” – Benyam Hagos

Key takeaways 

  • Shrinking spend cannot replace visible growth and market momentum. 
  • Strong controls create space for speed and investor confidence. 
  • US expansion shapes both fundraising and commercial strategy. 
  • Internal efficiency supports a harder, more ambitious go to market approach.
  • Consolidation across fintech is creating both risks and acquisition opportunities. 

 

Listen to the episode of the STOIX Podcast

To hear Benyam’s full conversation, watch the complete podcast episode here:

To connect with Beyam or explore more of his experience and insights, head over to Beyam’s LinkedIn profile.