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Since joining fast-growing fintech Weel, Damon Hauenstein has been “surprised on the upside” by the outsized contribution a CFO can make in a scale-up beyond the traditional finance functions. Indeed, the pivotal leadership role Hauenstein has played in accelerating the growth of the scale-up saw him promoted into an expanded role this month, adding the Chief Operating Officer title and responsibility for daily operational execution to his existing CFO mantle.
CFO Magazine A/NZ’s Emma Foster discusses with Damon about this increasing trend for CFOs to expand their remit into the COO role to support and fuel growth! “Once you’ve set up the financial and accounting infrastructure, you’re definitely then rolling up the sleeves with the founders and looking at what are the next biggest strategic priorities,” says Hauenstein who joined the Australian-based spend management platform as CFO in 2022 after more than a decade in investment banking with Citi. “It’s exceeded my expectations in terms of how much you can contribute – whether it’s driving revenue growth, establishing strategic partnerships, building operational infrastructure – and generally acting as a problem solver and supporting the amazing talent across our business.” Fast and focused Founded in 2016, Weel – previously known as Divipay – is a digital native solution that helps businesses streamline spending, Hauenstein explains. “Weel enables businesses to make card payments, bill payments or employee reimbursements through a single platform, while enabling the business to put controls over the funds so employees are empowered to spend within set guardrails,” he says. The platform provides real-time visibility on spend behaviour, as well as packaging up the receipts and expense data and synchronising these records into the business’s accounting system, such as Xero, MYOB or QuickBooks. “It’s a compelling solution, which tends to appeal to businesses that have reached a size where their financial control requirements have increased and they’re looking for a more digital, automated spend management solution rather than using a more traditional, manual approach.” Hauenstein was drawn to the business after finding “great chemistry” with co-founders Daniel Kniaz and Russell Martin. He recognised the strong potential of their vision for growth, poised to be realised with the backing of the $20 million they’d just scored through a Series A raise at the end of 2021. It was a solid hunch: More than $500 million worth of transactions are set to be processed through Weel’s platform this year, up from $100m two years ago, he says. The size and scale of businesses using the platform is also growing with over 3,000 customers today, including the likes of global graphic design platform Canva, ASX-listed jeweller Michael Hill, and national accounting firm Pitcher Partners. The business continues to invest in growth with the team now in excess of 50 people. For the full story, head to CFO Magazine. Comments are closed.
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