FinTech Weekly x International Women’s Day: Insights from Virginija Lesciauskaite
In celebration of International Women’s Day, we are thrilled to feature Virginija Lesciauskaite, the Chief Financial Officer and Chair of the Board at ConnectPay. With her extensive experience in financial leadership, Virginija shares her insights on the evolving role of CFOs in the fintech sector, the balance between growth and sustainability, and the importance of fostering an inclusive workplace.
The Evolving Role of the CFO
In the dynamic world of fintech, the role of a CFO has transformed significantly. Virginija emphasizes that during periods of steady growth, a CFO primarily acts as an enabler, ensuring that teams have the resources and support they need. However, when faced with cash flow slowdowns, the CFO must adopt a more proactive approach.
"In times of negative cash flow trends, the CFO’s role expands beyond tightening financial controls," she explains. "It becomes crucial for the CFO to guide the company through financial challenges." Effective strategies include maintaining contingency options, such as draft credit line agreements, which allow for swift action during crises.
Balancing Growth and Sustainability
As fintech companies pursue rapid expansion, they often encounter pitfalls. Virginija identifies a common mistake: leaders entering organizations with preconceived notions of the right balance between growth and sustainability. "It is vital to continuously reassess and adapt this balance based on where the business is actually heading," she advises.
Moreover, focusing solely on speed and cost can lead to significant challenges down the line, such as dependency on third parties and limited system capacity. "Cutting corners may seem acceptable now, but those shortcuts will need to be addressed later," she warns.
Navigating Regulatory Costs
With the fintech landscape constantly evolving due to regulatory changes, companies must adapt their spending priorities. Virginija notes that while compliance costs are rising, they also bring clarity to the sector. "Adopting a risk-based approach is essential," she states, emphasizing the need to differentiate between discretionary and non-discretionary spending.
By seeking efficiencies in non-discretionary items, fintech companies can manage costs without compromising compliance. "Regulatory costs and investments in innovation should not be viewed as opposing priorities," she asserts, suggesting that these elements can be integrated into the innovation process.
Supporting Work-Life Balance
The challenge of balancing career and family responsibilities remains a pressing issue, particularly for women in finance. Virginija acknowledges that while she has not personally faced these challenges, they are very real for many. "The FinTech industry is facing a significant shortage of qualified talent," she notes, leading to an increasing openness to flexible work arrangements.
By offering part-time positions and remote work, the fintech sector can attract a broader pool of skilled professionals. "This adaptability makes FinTech an appealing field for those seeking a better work-life balance," she explains.
Advice for Aspiring Female Leaders
For young women aspiring to leadership roles in fintech, Virginija offers empowering advice: "Let go of the pre-conception that pursuing a career in this field will be more challenging simply because of your gender." She encourages women to approach opportunities with confidence, emphasizing that skills and determination are what truly matter.
"Don’t let the noise around you distract you from achieving your goals," she concludes. By fostering a mindset focused on capability rather than gender, aspiring leaders can navigate the fintech landscape with resilience and success.
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