In Depth

Why founders should bet on first-time executives | Praveer Melwani (CFO, Figma)

In Depth

Show Notes

In this latest episode of Executive Function, Brett sits down with Praveer Melwani, CFO at Figma. Praveer joined Figma in 2017 as the company's first business operations and finance hire—when the team was around 30 people and not yet charging for the product—and stepped into the CFO seat in 2022, helping to lead the company’s IPO in 2025. In today’s conversation, Praveer breaks down the step functions that took him from IC to CFO, why Figma started acting like a public company three years before IPO, and how AI is rewriting capital allocation and the CFO job itself.

In today's episode, we discuss:

What separates a world-class finance leader from a traffic-cop CFO

How Praveer went from Figma's first biz ops hire to CFO of a public company in nine years

Why Figma started acting like a public company three years before its IPO

What Praveer has learned working alongside Dylan Field for nine years

Why Figma intentionally cut its 90% gross margin to invest in AI

References:

Adobe: https://www.adobe.com

Brendan Mulligan: https://www.linkedin.com/in/brendanmulligan

Cloudflare: https://www.cloudflare.com

Dropbox: https://www.dropbox.com

Dylan Field: https://www.linkedin.com/in/dylanfield/

Fidelity: https://www.fidelity.com

Figma: https://www.figma.com

GIC: https://www.gic.com.sg

NerdWallet: https://www.nerdwallet.com

Shaunt Voskanian: https://www.linkedin.com/in/shauntvoskanian/

Where to find Praveer:

LinkedIn: https://www.linkedin.com/in/praveer-melwani

Where to find Brett:

LinkedIn: https://www.linkedin.com/in/brett-berson-9986094/

Twitter/X: https://twitter.com/brettberson

Where to find First Round Capital:

Website: https://firstround.com/

First Round Review: https://review.firstround.com/

Twitter/X: https://twitter.com/firstround

YouTube: https://www.youtube.com/@FirstRoundCapital

This podcast on all platforms: https://review.firstround.com/podcast

Timestamps:

00:00 Introduction

02:13 From banking to Dropbox to Figma

04:14 The phase shift when Figma's COO left

05:36 Hiring leaders in functions you don't understand

07:18 Selling the exec team on AI consumption pricing

09:48 Using Claude Code to learn new things as CFO

11:36 Building an internal board of peer CFOs

13:52 Inside Figma's CFO job description

16:38 What separates good CFOs from world-class CFOs

18:42 Capital allocation and risk in a post-ChatGPT world

21:45 Why Praveer wants to take more bets

24:32 How AI is materially changing the CFO role

25:36 The nine-year working relationship with Dylan Field

29:12 How deeply in the details should a CFO be?

31:47 What Dropbox taught Praveer about building strong teams

33:24 Praveer’s first-principles test for hiring VPs

38:47 Why Figma acted like a public company in 2022

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