Minneapolis-based Branch, a workforce payments provider, is doubling down on automation as a key strategy for sustaining its rapid growth. Newly appointed CFO Matt Peterson believes streamlining financial systems is crucial for maintaining agility as the company expands its payment infrastructure and enterprise reach. Branch has experienced over 1,200% revenue growth in the last three years, and Peterson aims to build on that momentum.
“If you really want to support a company grow and become an enduring business, you need to be just as agile as the products your company’s making in the finance team,” Peterson told CFO Dive. “So what does that imply? That means we’re automating our systems. We’re automating as much manual perform as possible.”
Peterson brings a wealth of experience in financial leadership at usage-based technology companies to Branch. Prior to joining Branch, he served as CFO for gifting platform Snappy for three years, according to his LinkedIn profile. His previous roles include SVP of finance at Attentive, VP of finance at Fastly – where he participated in the company’s 2010 IPO – and a senior associate role focused on mergers and acquisitions at Union Square Advisors.
From Speed to Scalability
Peterson’s arrival coincides with a pivotal moment for Branch, as the company transitions from a focus on rapid growth to building a scalable and sustainable operation. He describes this shift as moving from “speed to scalability,” noting that early-stage companies require flexibility, while more mature businesses need operational discipline. A central focus for Peterson is aligning the financial plan with the product roadmap, and he sees automation as a critical enabler of this alignment.
According to Peterson, Branch has already established a “decent foundation” in terms of core operating systems and procedures. His immediate goal is to mature that foundation by automating existing reporting processes. “I’m about 100 days in. I feel like we have the reporting already to a really decent spot,” he said. “Now we’re in the process of, ‘we made it exist. Now we need to automate it.’”
Peterson emphasizes that automation and artificial intelligence are tools to amplify the capabilities of the existing finance team, not replace them. With a current team of approximately 10 people, he believes automation can enable Branch to scale without significantly increasing headcount. The team has already begun developing tools for automating daily journal entries and reconciliations, with the ultimate goal of freeing up staff to focus on strategic analysis and recommendations.
Upskilling the Finance Team Through Automation
The benefits of automation extend beyond simply accelerating the financial close process. Peterson envisions a scenario where automated systems improve accuracy and allow for faster access to financial data, enabling more informed decision-making. “Your rules are more accurate,” he explained. “You can get the books out sooner, get the news to your FP&A team sooner, so you can start planning and adjusting the business as needed.”
Peterson believes automation can facilitate professional development within the finance team. By automating routine tasks, the team can redistribute responsibilities, allowing junior staff to take on more challenging assignments and gain valuable experience. “Now you have your junior staff doing work that they otherwise would never get exposure to due to the fact that they were too busy doing manual tasks,” he said.
When evaluating new automation tools, Peterson advises CFOs to look beyond simple return on investment (ROI). While ROI is important, he stresses the need to consider whether a tool aligns with the company’s long-term roadmap and can scale to support significantly higher revenue levels. “There’s a lot of abstract software out there. It’s not about just the tangible ROI; that’s table stakes,” Peterson said. “It’s, does it fit within my three-year roadmap? Does this software tool scale to x100 million or billion of revenue without me needing to replace it?”
As Branch continues to grow, Peterson’s focus on automation will likely be a key factor in the company’s ability to maintain its agility and capitalize on new opportunities in the workforce payments market. The company’s success will depend on its ability to effectively leverage technology to streamline operations, empower its finance team, and drive strategic decision-making.
What remains to be seen is how Branch will integrate emerging AI technologies into its financial processes and how this will impact its competitive position in the rapidly evolving fintech landscape. Share your thoughts in the comments below.
