It’s been a tough couple of years for the CFO as businesses continue their post-pandemic recovery while simultaneously grappling with economic uncertainty and the need to increase spending on emerging technologies like generative AI.
Recent research from Deloitte showed that, in today’s business environment, slightly more than half (54%) of CFOs are being asked by their CEOs to focus on cost reduction, while ESG metrics and measurements are also becoming a top priority.
Here, FinTech Magazine takes a look at the top 10 CFOs at Canada-based companies, all of whom are leading the way when it comes to mastering these numerous stresses and strains.
1. Aimee Fearon, Wealthsimple
At number one on our list of the top 10 CFOs in Canada is Aimee Fearon, CFO at Wealthsimple, an online investment management firm with offices in Toronto and New York.
Wealthsimple, which invests clients’ money in a “globally diversified” portfolio of low-cost index funds, is led by a team of world-class financial experts and tech talent, including Fearon and CEO Michael Katchen.
Prior to assuming her current role, Fearon spent three years as Chief Financial Officer at Newsela and also worked as SVP for Financial Planning and Analysis at OnDeck.
She began her professional career at consulting giant PwC and subsequently spent four years with Canadian powerhouse George Weston Ltd as Director of Internal Audit Services.
2. David Schwartz, Nuvei
David Schwartz has been the CFO at Nuvei, a leading provider of global fintech solutions, for the past five years.
Schwartz can boast three decades worth of experience in corporate finance, strategy, financial management, turnaround and advisory situations with both private and public companies.
Before joining Nuvei he served as CFO at the international fashion retailer, Aldo Group, and was part of Optimal Payments’ (now Paysafe) founding group back in 1999.
Like Fearon, Schwartz also began his career working at PwC.
3. Jeff Hoffmeister, Shopify
Jeff Hoffmeister has long been at the intersection of financial services and technology.
Having started out at PwC, he joined Morgan Stanley in 2000 to become an Executive Director of the Tech Investment Banking team in Boston, before heading up the equivalent division in Europe.
He then took responsibility for the Americas team, prior to a move to Shopify in 2022.
Over the years, Hoffmeister has amassed significant experience in areas including IPOs, convertible notes and M&A transactions.
4. Winnie Leung, Moneris
As CFO at Moneris, Winnie Leung looks after the overall financial strategy, management and reporting, and Treasury operations of the company.
Specific responsibilities include making investment and borrowing decisions on behalf of the corporation, providing financial analysis in support of various business goals, and assessing the financial impact of acquisition targets.
Leung joined Moneris in 2011 having spent almost 20 years as a Partner at KPMG, assisting clients in the technology and communications sector.
5. David Ryde, Flexiti
David Ryde departed Canadian financial services heavyweight Sun Life to become CFO at Flexiti earlier this year.
An internationally-experienced senior executive, Ryde is looking after the finance function at a point-of-sale fintech lender on a mission to make high-ticket purchases more convenient.
Flexiti’s sales financing platform has facilitated more than $2bn in flexible financing, earning the firm recognition as one of Canada's fastest-growing fintechs in the instalments space.
Before Sun Life, Ryde spent 14 years at TD Bank prior to a short stint at Trade X.
6. Erik Svenson, Blockstream
Erik Svenson is a Co-founder, President and CFO at Blockstream, which uses bitcoin blockchain to create new financial infrastructure.
The aim is to take advantage of the inherent decentralisation of blockchain, building products and networks that make financial markets more efficient by reducing their reliance on centralised trust.
Prior to co-founding Blockstream, Svenson worked for 10 years in the finance industry and for another decade as a Co-founder, Consultant and employee of various startups.
Most recently he co-founded Dan’s Plan, a health technology company, and consulted for dozens of startups on fundraising, strategy and operations.
7. Tam Khuu, Wave HQ
Having joined Wave in 2018, initially as VP Finance, Tam Khuu has led the company through its successful acquisition by H&R Block, a financing round, several corporate reorganisations, and multiple ERP and payroll system changes.
Before Wave, she served as CFO at Financeit, a fintech company in the marketplace lending space.
Khuu was integral to the launch of Financeit’s US lending business, acquisition of a substantial lending portfolio from a major bank, and much more.
8. Wayne Jackson, FreshBooks
Wayne Jackson worked solely as CFO at FreshBooks until his role was expanded recently to include further duties as Chief Administrative Officer and Interim Co-CEO alongside Mara Reiff, the firm’s Chief Customer Officer.
Jackson has more than four decades worth of global finance experience under his belt, serving as a CFO at public and private companies, and as a Senior Partner at PwC.
At FreshBooks, which creates cloud-based accounting software specifically designed for self-employed professionals and their teams, he is supporting strategic leadership and fiscal stewardship.
9. Felix Wu, KOHO
Felix Wu is a senior finance executive with a consistent record in building businesses.
During his three-decade professional career, Wu has worked for a host of big-name companies including Accenture, Capital One Canada and President's Choice Financial, taking up numerous leadership roles.
These days he serves as CFO at KOHO, a financial services firm which is on a mission to build better financial products for Canadians, boosted by its partnership with Mastercard.
10. Jeffrey Lucas, Bitfarms
Finance leader Jeffrey Lucas has amassed extensive international finance and operational experience at companies like PwC and DS Services (now Primo).
Having worked in high-yield investment banking and institutional money management, today Lucas is bringing financial insight and strategy to Bitfarms’ team.
Based in the Montreal suburb of Brossard, Bitfarms is using decentralisation and diversification to create a new generation of cryptocurrency mining. It focuses on using renewable energy to power its operations, curtailing its impact on the planet.
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