Much more than balancing accounts: the role of the CFO as a co-pilot for startups and scaleups

The CFO role has evolved beyond mere account balancing to becoming a strategic copilot with a global perspective on the economy’s future. This was one of the conclusions of the second CFO breakfast and the first held in Barcelona, organized by BBVA Spark at Norssken House Barcelona on June 20.

This meeting, aimed at promoting the connection between professionals in the financial sector, was presented by Verónica Ruiz, head of BBVA Spark in Spain, who underlined BBVA Spark’s commitment to the ecosystem of innovative companies. “Our commitment is to accompany those companies that are going to lead growth and innovation in the future,” she said. One of these companies is Wallbox, a Barcelona-based company specializing in electric vehicle charging,  that became a unicorn and is listed on the US stock exchange.

The CFO, the company’s “co-pilot”

“The CFO is a copilot. They don’t drive the car but provide crucial guidance on the road ahead, ensuring the journey is as fast and safe as possible,” described Luis Boada, CFO of Wallbox. He highlighted that a good leader needs a strong CFO, and investment funds look for competent CFOs in the companies they invest in.

Boada, who became Wallbox’s CFO in May, discussed the challenges CFOs face as their companies grow. “Our main challenge now is transitioning from growth to profitability, adapting to market conditions, and preparing for the future of electric vehicles, which, although promising, is progressing more slowly than expected,” he explained. “Our goal is to be number one when the market is ready,” he emphasized.

Regarding financing and his experience with BBVA Spark, Boada noted that for growing companies that are not yet generating cash, financial resources from institutions are crucial. “It’s said jokingly that banks lend money to those who don’t need it; so, when you need support, finding a team that understands these kinds of companies is essential,” the Wallbox CFO remarked about BBVA Spark’s support.

Financial management with values

Boada also reflected on his professional journey, highlighting the importance of staying true to oneself and maintaining values throughout a career as a financial leader. “I don’t do anything at work that goes against who I am,” he stated.

The CFO is responsible for financial planning, analysis of strengths and weaknesses, investor relations, design of strategies to raise capital, and preparation of the company to go public. A role requires combining knowledge and strategic ability with interpersonal and leadership skills.

In this context, Boada outlined the key soft skills a leader should possess humility and the ability to say no. He also emphasized the importance of work-life balance: “The day has 24 hours, and you have to decide how to invest them.” In conclusion, these professional and personal factors create a vital profile for innovative and fast-growing companies. “Today’s CFO role is not just about balancing the books. It’s about supporting the business with metrics and projecting the future,” he summarized.

Economic outlook

The CFO breakfast combined inspirational insights with an economic outlook provided by Sonsoles Castillo, Chief Economist for Economic and Financial Analysis at BBVA Research. She discussed various aspects a CFO needs to anticipate the future. Castillo offered a detailed analysis of Spain’s and the global economic outlook, warning of some risks but maintaining an overall optimistic view.

“The Spanish economy has shown a surprisingly positive performance, with revised growth forecasts of 2.5% for this year and 2.1% for next year,” said Castillo, who emphasized the positive growth differential compared to the euro zone.

“Export activity, both tourism and non-tourism, has been remarkable, exceeding pre-COVID levels by 40%. And although the European Central Bank has raised interest rates, this has impacted credit less than expected,” the analyst explained. Castillo also mentioned the role of Recovery Funds and job growth, driven mainly by foreign-born populations.

However, Castillo predicted a slowdown in growth for 2025 due to potential bottlenecks in exports and limited additional growth capacity in the Spanish economy, with infrastructure and housing investment lagging behind the Eurozone. She also pointed out the issue of inflation above the 2% target, a concern not unique to Spain: “Recent data shows core inflation moving laterally rather than converging towards the target, due to persistent inflation in services.”

Complex international environment

Castillo also alluded to a complex international environment, with greater geopolitical rivalry, especially between the United States and China. “Greater interventionism and protectionism are expected in the economic policies of the large blocks, which will impact business decisions,” she stated.

The economist highlighted that the most positive aspect of the current situation is the normalization of supply conditions, having resolved the bottlenecks that emerged post-COVID. However, she pointed out the clouds of geopolitical tensions like the war in Ukraine and conflicts in the Middle East, rising tariff impacts, and political uncertainty due to upcoming elections in Europe and the United States.

Castillo also addressed the strong recovery in the services sector, particularly in the United States, while the manufacturing sector shows a more uneven recovery. Looking ahead, Castillo expects interest rates to gradually decrease.

Ultimately, the CFO Breakfast was not just a networking event but also a platform for discussing the future and challenges of financial leadership. After the speakers’ presentations, the room buzzed with ideas and connections during the networking session.