High-Low with a CFO: Charlotte Gounot

In our latest High-Low with a CFO, we had the pleasure of speaking with Charlotte Gounot, CFO of Defacto, a fintech startup that is redefining the way SMEs access financing through embedded lending. With a background in engineering and a wealth of experience spanning from the French Ministry of Finance to roles at various startups, Charlotte brings a unique blend of analytical and strategic thinking to her role as CFO.

Charlotte shares her journey from engineering to leading the financial strategy of a fast-growing fintech. She discusses building scalable models in a fast-moving industry, the value of experience over titles, and even some of the more unusual requests CFOs encounter. Charlotte’s candid insights offer a fresh look at the modern CFO’s role in driving growth and innovation.

Interview:

CFO CONNECT: Thanks so much for taking the time to speak with us today! Let’s get started with some of the low-brow questions. If you weren't a CFO, what job would you be doing?

CHARLOTTE: I’m an engineer by training, with a master’s degree in earthquake civil engineering. So, if I weren’t in finance, I would probably be working as a civil engineer, possibly on large-scale infrastructure projects. I’ve always been fascinated by projects like cable-stayed bridges, which have such a profound impact on territories—literally connecting worlds. I love the idea of building something that enables progress and connection on such a large scale. It's the same satisfaction I get in finance, just in a different form—building foundations for growth.

CFO CONNECT: What's the strangest spreadsheet you've ever had to make?

CHARLOTTE: Definitely the liquidation plan spreadsheet! As a lending institution, we need to prepare for worst-case scenarios, and part of that involves outlining how our loan portfolio would be managed in case of liquidation. It’s surreal to plan for a situation that’s essentially the opposite of where your company is headed—especially when you’re growing 3x year-over-year. But it’s also a humbling exercise. It forces you to stay grounded and prepared, no matter how well things are going. A kind of financial reality check.

CFO CONNECT: What's the weirdest request you've ever received from a colleague or team member?

CHARLOTTE: Oh, this is a funny one! It was just a few weeks after I joined Defacto when one of the co-founders came to me very seriously asking how many kilogrammes of zucchini we would need for the next off-site. I was completely caught off guard and thought it was a joke at first! But no, it turned out to be a very genuine question. I quickly learnt that in startups, no question is too unusual, and it's all part of the fun, fast-paced environment.

CFO CONNECT: If you could swap jobs with any other C-suite member for a day, who would it be and why?

CHARLOTTE: I’d swap with our Chief Sales Officer. At Defacto, we have Morgan O’hana and Matthieu Galvani, both former Spendesk executives, and they’re incredibly talented. I feel like there’s so much to learn from them, particularly in sales strategy. Plus, the CFO and CSO roles share a lot of similarities—we both rely heavily on the team’s work, whether it's the product, middle office, or back office. When I pitch to investors, I’m selling them on the entire product, just like sales do with partners. It’s a perspective I’d love to experience from the sales side.

As for a role I wouldn’t want to swap with? Probably the office manager! I have a lot of respect for the role, but it’s not for me..

CFO CONNECT: What's the worst piece of career advice you've ever been given?

CHARLOTTE: When I was leaving the Ministry of Finance, I was once advised to prioritise positions at large organisations where I could join the executive committee and negotiate a high salary. The idea was that bigger is always better. I ended up choosing the opposite—joining a small startup where I’m learning a lot. I still have at least 30 more years to work, so it’s important to focus on skill-building and experience over salary if you can. It’s great to be well compensated, but the real value comes from the hands-on learning you get in a smaller, more dynamic environment. Experience, especially in a fast-moving sector like fintech, is priceless.

CFO CONNECT: What's the most non-traditional thing you've ever done to save money for your company?

CHARLOTTE: I’ve always believed that some of the best advice and solutions come from peer networks. So when I joined Defacto, I made it a point to build a network of capital market heads and CFOs from other SMEs. Over coffee and lunch meetings, we’d share experiences, challenges, and tips. It’s a small investment in terms of time and money, but the insights you gain are invaluable and can save you thousands on expensive external consultants. This spirit of collaboration is also why I joined CFO Connect—sharing and learning from peers is incredibly rewarding.

CFO CONNECT: What's one thing people wouldn’t expect is part of the CFO's job?

CHARLOTTE: Honestly? Managing the coffee! I’m a huge coffee addict, and as part of my role, I make sure we always have a good stock. It’s a small thing, but it’s one of those behind-the-scenes details that keeps the team fuelled and productive. It’s funny how even as CFO, you end up being responsible for things that seem trivial but make a big difference in the daily operations.

CFO CONNECT: Finance is often seen as a service-oriented department, assisting departments to operate smoothly. How have you seen the role evolving in recent years?

CHARLOTTE: You’re absolutely right. Historically, finance has been more of a support function, just there to manage the numbers. But today, it’s a strategic leadership role. There are two approaches a CFO can take—either be purely cost-focused or help shape the company’s roadmap. When you’re involved in strategic planning, you’re not just cutting costs; you’re identifying future investments and helping other teams anticipate and budget for their projects. A well-budgeted roadmap isn’t just about staying within a limit—it’s about maximising resources, finding synergies, and avoiding hidden costs down the line. We’ve shifted from being number-crunchers to playing a crucial role in driving the company’s overall strategy.

CFO CONNECT: Can you share an example of a major risk you've taken that paid off for your company?

CHARLOTTE: One of the biggest risks we took was how we built our credit scoring system. Instead of starting with credit experts, we began with a data-driven approach using financial data and analysts mostly without credit backgrounds. If we had let credit analysts define the criteria upfront, they would have created too many segments, making it impossible to build a scalable machine-learning model. By starting with data, we were able to train the model on a broader dataset, which allowed us to identify patterns that a traditional approach would have missed. It was a risky move, but it's proven to be a unique advantage in our underwriting process—especially as we scale across different markets.

CFO CONNECT: What's next for Defacto?

CHARLOTTE: There’s so much happening right now! In just two years, we’ve lent 600 million euros to over 10,000 SMEs, and the momentum is only increasing. Our focus now is on integrating with new partners—B2B financial tools and vertical SaaS platforms—who want an API-first, licensed lender to support their operations. We’re also at the beginning of a new era of open finance and embedded lending, following a decade of innovation in open banking. As more SMEs digitise their operations, there’s huge potential for embedding financial services directly into the tools they use every day. We’re positioning Defacto to lead this shift. 

And lastly, we have just launched Defacto Core, a Lending as a Service platform for banks and financial institutions, for them to develop new products for the benefit of their SMB clients, hence increasing their NPS and improving their cost to income ratio. We are basically making available to traditional banks the credit infrastructure we have built for ourselves, for our solution to be deployed at a bigger scale. 

CFO CONNECT: What financial lesson did you learn early in your career that still holds true today?

CHARLOTTE: Long-term credibility is key. Early in my career, I learned that while short-term financials—like cash flow and unit economics—are essential, you also have to plan for the long term. Investors and stakeholders need to see that you can deliver on what you promise, not just today but years from now. Balancing short-term delivery with long-term trust is critical. It’s about being optimistic but also realistic about what you can achieve and making sure you consistently meet your commitments.

CFO CONNECT: What are some unique advantages or challenges you’ve faced as a woman in the C-suite?

CHARLOTTE: It’s definitely been a unique journey. Sometimes people assume I’m an assistant when I’m copied on emails, which can be frustrating, but it’s a reflection of how uncommon it still is to see women in CFO roles. Things are improving, though. Ten years ago, I faced more scepticism and challenges simply because of my gender, but as I’ve gained experience and proven results, that’s shifted. I also think women often bring a greater capacity for listening, which can be a real asset in negotiations. Listening allows you to find creative solutions that others might overlook. It’s not a stereotype I like to dwell on, but it’s something I’ve observed over the years.

CFO CONNECT: What advice would you give to an aspiring finance professional who wants to reach the C-suite?

CHARLOTTE: Don’t be afraid to admit what you don’t know. When you’re starting as a CFO, it’s okay not to have all the answers. The worst thing you can do is pretend you do. Confidence comes from knowing you’ll figure out the solution, even if you don’t have it immediately. The second piece of advice is to surround yourself with people who are more experienced than you. Don’t be intimidated by hiring experts; instead, learn from them and value their contributions. You can’t do everything yourself, so building a strong, knowledgeable team you can trust is critical to your success.

About the CFO – Charlotte Gounot

Charlotte Gounot, CFO of Defacto, has over 14 years of experience in debt, compliance, and finance with a specialty in bridging the gap between fintechs and traditional financial institutions. Upon graduation from Ecole Polytechnique she worked within the French Treasury, the French State’s Debt Management Office, and was a key advisor of the Minister on post-COVID recovery and ecological transition. Pivoting to Defacto, Charlotte has secured a €167M deal with Citibank, marking Defacto as the youngest firm to achieve such a feat, and led the charge to make Defacto the first B2B lending fintech to get a lending bank licence.