James Kennedy sits down with Jaime Medina, founder of The Startup CFO (tscfo.com), to unpack non-dilutive ways B2B SaaS founders can extend runway before their next equity round. Drawing on Jaime’s path from physics PhD to McKinsey to fractional CFO (now leading a 38-person team across Spain and Germany), they dive into European public funding, soft loans, grants, tax incentives, and – most surprisingly – bank financing for SaaS. You’ll hear how to present unit economics to credit risk teams, run multiple debt processes in parallel, and realistically save 10–20% dilution on the next raise. Bonus: why the best CFOs play offense (growth) and defense (controls)… and why Ring of Fire is a crowd-pleaser at karaoke.
About Jaime Medina
A former physicist turned McKinsey consultant, Jaime Medina has served as CFO for multiple startups and now leads The Startup CFO, a fractional finance firm helping early-stage, VC-backed companies with FP&A, fundraising strategy, bank debt, public funding, due diligence, and training. Headquartered in Madrid with a satellite in Berlin, the team supports 350+ startups – particularly B2B SaaS—on their path from seed to Series B and beyond.
What You’ll Learn
- Beyond VC: The Non-Dilutive Stack – How to combine soft loans, grants, tax incentives, and revenue-based/working-capital facilities to push out your cash-out date.
- Bank Debt for SaaS – Why traditional banks are opening up to startups, how to pitch risk teams with CAC, payback, and retention, and why having operations with multiple banks helps.
- Process, Not Magic – Run several facilities in parallel (credit lines, term loans, venture debt/RBF) to assemble a meaningful package without over-levering.
- Unit Economics That Convince – Frame the ask with payback < 6 months, LTV/CAC, and real cohort behavior – not just a P&L.
- Dilution Math – Practical ways this approach can reduce the new-round dilution by ~10–20% at the same valuation.
- The CFO as Growth Partner – Why great CFOs challenge channel mix, hiring pace, retention drivers, and know when to flip to profitability if needed.
Episode Highlights
- “We’re not just the bookkeeper – we finance the project. The goal is getting the right money, at the right time, on the right terms.”
- “Banks default more on traditional SMEs than on the right kind of startups – tell the unit-economics story to risk.”
- “Open accounts with more than one bank early. Transaction history builds trust long before you ask for credit.”
- “Run multiple debt processes in parallel. 7% here, 10% there – pretty soon you’ve built a 30% non-dilutive buffer.”
- “Public money in Europe is real: soft loans, grants, tax incentives – but you need someone who lives this to navigate it.”
- “Done well, this can save a founder seven figures in dilution on a mid-teens valuation round.”
More About Jaime’s Role
At The Startup CFO, Jaime and team deliver fractional CFO leadership and a full funding toolkit for early-stage, VC-backed startups – especially B2B SaaS. Services include runway planning and non-dilutive funding strategy (public programs, bank debt, RBF), investor materials and equity process support, board-ready FP&A, and diligence (both buy- and sell-side). The aim: extend runway, de-risk growth, and preserve founder equity while building the reporting cadence investors expect.
