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Case Study Acting CFO: Mobeewave



Headquarters: Montreal, Canada

Industry: Fintech

Size: 50-100 employees


Benjamin du Hays Co-CEO & Founder –


“Lisan Finance did a great job in setting up and implementing the finance processes and procedures. This greatly prepared us for our expansion!“

 


Client Situation


Mobeewave is a Canadian-based start-up, founded in 2011. A growing technology company, Mobeewave developed a dongle-less smartphones payment acceptance-solution. It allows merchants to accept card payments via tap using Near Field Communications.


When Mobeewave closed their series B funding round with MasterCard and Samsung, their new investors required professional, consistent monthly reporting and forecasting. Mobeewave needed to upgrade their Finance department, and to transition away from their previous CFO. They were looking for someone capable of doing much more than cash-based reporting. It was at this juncture that Mobeewave sought help from Lisan Finance in order to improve the credibility and accuracy of their finance function.



Methodology & Achievements


1. Audit of financial organization and processes

2. Setup of automated monthly consolidated financial reporting

3. Setup of long-term budget and short-term forecasting to project: revenue, costs, balance sheet, and cash flow

4. Acting as CFO for year-end financial audit and preparation of year-end tax return and financial statements

5. Monthly presentation of the reporting to the board and quarterly update of the reforecast

6. Assistance on tax credits and tax returns, including R&D tax credits and financing and Canadian grant fund raising

7. Assistance to the HR department

8. Coordination of stock option plan for employees and advisors

9. Establishment and management of two subsidiaries, one in the US and one in Australia, conducting research on Indian setup requirements

10. Insurance setup and bank relationship management

11. Preparation of the financial data room for financing



Impact & Results

By implementing automated monthly financial reporting that utilized key financial metrics, Lisan Finance's was able to create financial visibility for the company management and investors. By refining the employee stock option plan, it heightened their retention rate. By ensuring swift incorporation of international subsidiaries, Lisan Finance increased their profitability and customer reach. Lisan Finance reformed their whole finance function, facilitating their growth from 25 to 75 employees. Finally, Lisan Finance was a key resource in Mobeewave’s worldwide expansion.


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