Podcast

.entry-img img{
display:none !important;
}
.single .hentry .entry-img{
display:none !important;
}

This episode of The GrowCFO Show brings together David Tuck, Founder of Mayday and CFO Tech Stack, and Kate Hayward, Managing Director UK at Xero, to challenge one of the biggest assumptions in mid-market finance: that fast-growing businesses must eventually abandon Xero for a larger ERP. Drawing on real-world data from the State of the Stack report and the CFO Tech Stack community, they demonstrate how finance teams are successfully scaling to $100M+ in revenue, and running sizeable in-house finance functions, while staying on Xero and surrounding it with a best-in-class ecosystem of tools.

The discussion moves from the origins and purpose of Xero as a cloud-based system of record through to the realities of scaling with an app stack versus undertaking a disruptive ERP migration. David and Kate share evidence from dozens of growing businesses, highlighting how Xero plus Mayday and complementary apps are delivering better, cheaper, and faster outcomes compared with traditional ERP transformations. They also explore how AI and automation are reshaping month-end, reporting, and forecasting, positioning Xero and its ecosystem as “AI winners” rather than legacy holdovers. The result is a practical, evidence-backed roadmap for CFOs who want to keep their finance function agile, tech-enabled, and focused on value creation rather than costly system overhauls.

At its core, this episode underscores why the default assumption for modern CFOs should be to scale on Xero with an ecosystem, only moving to ERP when there is a truly critical business reason to do so. It frames the Xero-based tech stack not as a compromise, but as an empowered, future-ready platform for ambitious mid-market finance teams who want to avoid unnecessary transformation risk while still achieving enterprise-grade capabilities.

Key topics covered:

• The guests dismantle the myth that growing companies must abandon Xero as they scale, showing multiple examples of businesses surpassing $50–100M+ in revenue while remaining on Xero with an ecosystem of specialist apps.
• David introduces the CFO Tech Stack community and the State of the Stack report, explaining how it provides psychological safety and precedent for finance leaders who want to scale on Xero rather than defaulting to ERP.
• Kate explains Xero’s original mission as a single cloud-based system of record for small and mid-sized businesses, and outlines how it now supports larger, multi-entity and franchise-style organizations through integration with a rich app ecosystem.
• The conversation details common components of a modern Xero-based finance stack including reporting, operations (AP, payroll, spend, FX, inventory, billing), and planning tools, and how these collectively rival or surpass ERP capabilities.
• Both speakers stress the risks and weak business cases of unnecessary ERP transformations, arguing that many scale-ups should prioritize growth, fundraising, and market expansion over complex finance system migrations.
• They explore how AI and automation are being embedded into Xero and Mayday, turning Xero from a system of record into a system of action and decision-making, and automating month-end tasks like intercompany reconciliations and revenue recognition.

Links

• David Tuck on LinkedIn
• Kate Hayward on LinkedIn
• Kevin Appleby on LinkedIn
• GrowCFO Mentoring

Timestamps: 

• 00:00:00 – 00:00:05 – Introduction to the episode, guests, and core premise: can CFOs scale past perceived Xero “limits” without moving to ERP?
• 00:00:05 – 00:00:07 – Kate outlines Xero’s origin story and its role as a single source of truth for small and medium businesses needing real-time financial insight.
• 00:00:07 – 00:00:10 – Discussion of how far Xero can scale, including examples of larger, multi-entity businesses successfully running on Xero with an app ecosystem.
• 00:00:10 – 00:00:13 – David breaks down the State of the Stack report: core infrastructure and the main categories of apps (reporting, operations, planning) that typically surround Xero.
• 00:00:13 – 00:00:16 – Kevin explains GrowCFO’s independent stance on technology and why GrowCFO chose to sponsor the State of the Stack report for the CFO community.
• 00:00:16 – 00:00:19 – Deep dive into the myth of “outgrowing Xero” and the importance of proving that many mid-market businesses can and do scale on Xero plus a tech stack.
• 00:00:19 – 00:00:23 – Discussion of the real cost and distraction of ERP transformations, and why many high-growth CFOs should avoid them unless there is a compelling business case.
• 00:00:23 – 00:00:29 – Exploration of AI-native platforms vs. Xero ecosystem: how Xero and Mayday are integrating AI for decisioning, automation, and month-end efficiency.
• 00:00:31 – 00:00:33 – Call to action: how finance leaders can access the State of the Stack report and join the upcoming webinar to see real-life examples of Xero-based scaling.

Find out more about GrowCFO

If you enjoyed this podcast, you can subscribe to the GrowCFO Show with your favorite podcast app. The GrowCFO show is listed in the Apple podcast directory, Spotify and many others. Why not subscribe there today? That way, you never miss an episode.

GrowCFO is a great place to extend your professional network. Join GrowCFO as a free member today and participate in our regular networking events and webinars. Premium members can also access our extensive training center and CFO Digital Toolkit. You can enroll in our flagship Future CFO or Finance Leader programs here.

You can find out more and join today at growcfo.net

Ingenion Medical, run by our guest Ed Cappabianca, is going to change the standard catheter in the UK – The Foley catheter. Urinary catheter-associated infections kill 2,100 people a year and block 1.2 million hospital bed-days. And yet, the Foley catheter – the standard of care – has barely changed in 91 years. Ingenion Medical has built what replaces it.

The cymactive™ 2.0R is a CE-marked, patient-controlled urethral catheter with a patented magnetic valve that is already in clinical use across the UK and 15 international markets. It is superior to either standard Foleys or intermittent catheters, and generates revenue today.

Ingenion Medical are seeking investors.

Here’s the Investment case:

• Revenue generative, regulatory approved. CE Mark achieved Q1 2024. ISO 13485 renewed October 2025. FDA pre-sub meeting completed.

• Commercial traction. Distributor agreements in over 10 countries. NHS Supply Chain at contract award stage. 15 NHS hospitals active or in pipeline.

• Profitable at 1,600 patients per month (80 urologists x 20 patients). Breakeven H2 2027. £49m revenue projected 2030.

• Exit precedent. Comparable urology acquisitions: Urotronic > Laborie $600m;Neotract > Teleflex $1.1b; Augmenix > Boston Scientific $600m; .

• World-class advisors. Advisory board includes: Professor Chris Chapple (former European Association of Urology Secretary General) and Professor Kurt Naber, global authority on urinary tract infections.

If you would like the detailed Investor Pitch Deck, go to: ingenion.approvedinvestors.co.uk

Summary of Podcast

Key Takeaways

• The Problem: Current catheters cause frequent, costly infections (£2k–£3.5k per cycle for the NHS) and severely limit patient mobility and quality of life.
• The Solution: Ingenion’s cymactive catheter is a 30-day, self-voiding device with no external bag, restoring patient dignity and designed to reduce infection risk.
• Market Validation: The NHS created a new framework channel specifically for SimActive, signaling strong support for its innovation and cost-saving potential.
• The Ask: Ingenion is raising £2M (for ~10% equity) to fund commercialisation, targeting a future trade sale to a major urology firm for a potential 10x investor return.

The Problem with Current Catheters

• Urinary Retention: A common condition caused by issues like BPH (enlarged prostate), Parkinson’s, MS, and spinal cord injuries.
• Foley Catheter (Indwelling):
• The 100-year-old standard, anchored by an internal balloon.
• Creates a “superhighway for bacteria,” causing frequent, costly infections.
• Full cost of ownership for the NHS is ~£800/month per patient.
• Intermittent Catheters (Single-Use):
• Used 5–8 times daily, creating significant waste and inconvenience.
• Account for 90% (£157.5M) of the NHS’s £175M annual catheter spend.
• Patient Impact:
• Fear of infection and public voiding → social isolation.
• Reduced fluid intake → dehydration, which can worsen conditions like dementia.

The cymactive Solution

• Innovation: A 30-day, self-voiding catheter with no external tubes or bags.
• Mechanism:
• An internal, patient-controlled magnetic valve.
• An external magnet opens the valve; removing it allows the valve to close naturally.
• Infection Defense:
• The urethra seals over the valve’s end, mimicking the body’s natural defense against bacteria.
• Anecdotal evidence suggests reduced infections and restored function.
• Product Pipeline:
• Current: cymactive for male urinary retention (CE marked).
• In Development: Versions for women and for male incontinence.

Market Validation & Commercialisation

• NHS Adoption:
• The NHS created a new framework channel for cymactive, as it didn’t fit existing categories.
• Ingenion was the sole applicant and signed a 2-year contract on March 12, 2026.
• Ordering codes are now live for hospitals.
• Go-to-Market Strategy:
• Goal: Build awareness among clinicians and patient groups.
• Method: Target early adopters and use their case studies, shared by the NHS innovation team, to drive broader adoption.
• Rationale: A randomised control trial was unfeasible because Foley catheter users were unwilling to risk being randomised to the control group.

Investment Opportunity

• The Ask: £2M for ~10% equity (pre-money valuation: £18M).
• Exit Strategy: Trade sale to a major urology firm (e.g., Coloplast, Becton Dickinson).
• Rationale: Leverage a large firm’s infrastructure for rapid, global scaling.
• Target Return: A typical venture capital return of ~10x investment.
• Investor Profile: High Net Worth (HNW) or Sophisticated Investors.
• Due Diligence: Pitch deck available at ingenion.approvedinvestors.co.uk

The Next 100 Days Podcast Co-Hosts

Graham Arrowsmith

Graham founded Finely Fettled in 2014 to provide data from The UK High Net Worth Database to marketers targeting affluent and high-net-worth customers. He’s the founder of MicroYES, a Partner for MeclabsAI, creating lead generation AI Agents & Workflows and introducing the MeclabsAI Platform. Graham also provides an Answer Engine Optimisation solution to get your website in shape to be found by LLMs.

Kevin Appleby

Kevin specialises in finance transformation and implementing business change. He’s the COO of GrowCFO, which provides both community and CPD-accredited training designed to grow the next generation of finance leaders. You can find Kevin on LinkedIn and at kevinappleby.com