Virginija Lesciauskaite is the Chief Financial Officer & Chair of the Board at ConnectPay, overseeing financial strategy, risk management, and corporate governance.
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In fintech, the role of a Chief Financial Officer (CFO) extends far beyond financial oversight—it involves navigating economic challenges, balancing regulatory demands with innovation, and ensuring sustainable growth. Virginija Lesciauskaite, CFO & Chair of the Board at ConnectPay, has built her career on strategic financial leadership, guiding companies through both expansion and market uncertainty.
In this interview, Virginija shares her insights on how CFOs adapt during financial slowdowns, the biggest mistakes fintechs make when scaling, and why compliance costs should be seen as an investment rather than a burden. She also discusses the evolving fintech talent landscape, the importance of flexible work arrangements, and her advice for aspiring female leaders in finance.
As part of FinTech Weekly’s International Women’s Day initiative, we are proud to feature her perspective on how fintech can balance risk, innovation, and inclusivity to build a stronger financial future.
R: How does the role of a CFO evolve when a company experiences a slowdown in cash flow, and what strategies do you find most effective in navigating these challenges?
V: When a company faces a slowdown in cash flow, the role of the CFO evolves significantly. In times of steady growth, a CFO primarily acts as an enabler - empowering other teams by ensuring they have adequate resources, proper tools, and the necessary support to achieve their objectives. You interfere actively only when you feel you really need to pull a handbrake to stop business from going off the rails.
However, during periods of negative cash flow trends, a more proactive and assertive approach is required. In such scenarios, the CFO's role expands beyond tightening financial controls, enforcing discipline, or reducing budgets. It becomes crucial for the CFO to play a pivotal role in high-level strategic and tactical decision-making, guiding the company through financial challenges.
Effective strategies in these circumstances often include maintaining a range of contingency options. For instance, some CFOs keep draft credit line agreements with their banking partners readily lying in their top drawer. This foresight allows them to act swiftly and decisively if a cash flow crisis arises, ensuring that the company can navigate the turbulence with minimal disruption.
R: What are some of the biggest mistakes fintech companies make when pursuing rapid expansion, and how can they strike a balance between growth and sustainability?
V: To strike a proper balance between growth and sustainability, it is essential to have a comprehensive understanding of the company — not just its strategy, mission, and vision, but more importantly, the core purpose of the business and the expectations of investors and other key stakeholders. A deep alignment between these elements is crucial for making informed decisions that support both short-term gains and long-term resilience.
One common mistake fintech companies make is when CFOs or other leaders join the organization with a pre-conceived notion of what the "right" balance between growth and sustainability should look like. While well-intentioned, such assumptions can quickly become misaligned with the company’s evolving direction and priorities. It is vital to continuously reassess and adapt this balance based on where the business is actually heading, rather than relying on fixed ideas.
During periods of rapid expansion, it is also important to recognize that focusing solely on the fastest time to market, shortest lead times, or the lowest costs can create significant challenges down the line.
Risks such as excessive dependency on third parties, limited system capacity, and constraints on further product development can become substantial obstacles. You might need to cut some corners now - and that's perfectly okay. However, it's likely that some of those shortcuts will need to be addressed later, so don't be surprised.
R: With new regulations continuously shaping the fintech landscape, how have you seen companies adapt their spending priorities, and what strategies ensure compliance without stifling innovation?
V: The pace of regulatory changes has undoubtedly accelerated over the past decade. While the burden of compliance is increasing, these changes are also bringing much-needed clarity to the fintech sector. Inevitably, this evolving regulatory landscape is influencing the industry's priorities and, consequently, how costs are allocated.
To navigate this environment effectively, adopting a risk-based approach is essential. It is important to differentiate between discretionary and non-discretionary spending, carefully evaluating discretionary expenses before making decisions.
For non-discretionary items, seeking efficiencies wherever possible can help manage costs without compromising compliance. This strategic approach enables fintech companies to stay compliant while preserving the flexibility needed to drive innovation.
R: Fintech companies often face the challenge of balancing regulatory costs with investments in innovation and growth—what approach do you recommend to maintain this equilibrium?
V: In today’s environment, regulatory costs and investments in innovation should not be viewed as opposing priorities or a trade-off. Instead, these elements can and should be integrated. Much of the spending on regulatory compliance can be embedded into innovation efforts. For example, similar to other regulated industries, nearly every new financial product or feature launch inherently includes certain legal or regulatory costs.
In many ways, these expenses function like a part of CAPEX, even if they are not always perceived as such. Adopting this perspective allows fintech companies to manage regulatory requirements effectively while continuing to drive innovation and growth.
R: Data show that women still earn less than men, often due to factors such as part-time work and limited access to overtime pay or additional compensation due to family care responsibilities. Do you believe women still have to choose between family and career, and how can the industry better support work-life balance?
V: Personally, I have not encountered such challenges throughout my career, despite balancing roles as a working mother, C-level executive, and Board member. However, this does not imply that these issues are non-existent.
On the contrary, it’s rather the case that I have been privileged not to be faced with such challenges and difficult choices.The challenges many women experience in balancing family and career are very real and cannot be overlooked.
As the FinTech industry continues to expand, it faces a significant shortage of qualified talent. In response, many employers in this sector are increasingly open to offering flexible work arrangements, such as part-time positions and remote work, to attract a broader pool of skilled professionals.
This adaptability makes FinTech an appealing field for those seeking a better work-life balance. By maintaining and further developing these flexible working options, the industry can play a crucial role in supporting women’s careers without forcing them to choose between professional growth and family responsibilities.
R: What advice would you give to young women aspiring to leadership roles in fintech, and what key skills or experiences do you believe are essential for success in this field?
V: My advice is to let go of the pre-conception that pursuing a career in this field will be more challenging simply because of their gender. We live in a modern world, and this mindset is truly “last year.”
Don’t let the noise around you distract you from achieving your goals. In a way, this is similar to the concept of self-fulfilling expectations in Economics - if you enter the industry convinced that it will be harder for you to prove yourself because you are a woman, there is a significant risk that this belief will shape your experience. Don’t let that happen. Instead, approach every opportunity with the confidence that your skills and determination are what truly matter.
