Why Spreadsheets Will Stay, but Financial Modeling Workflow and Version Control Must Be Rebuilt with Matt Lee

Sep 9, 2025

Matt Lee, Co-Founder and CEO of Nummo, brings a wealth of experience from investment banking and as a CFO. He discusses the necessity of human input in financial modeling, even as automation increases. Matt shares insights into common modeling frustrations and how Nummo aims to streamline workflows without replacing analysts. The conversation touches on the evolving role of AI, the importance of maintaining accuracy, and the persistent relevance of Excel. He also highlights lessons learned from the industry, emphasizing the need for detailed attention in financial analysis.

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ADVICE

Integrate AI Into Existing Workflows

Slot AI tools directly into your existing modeling workflow instead of replacing Excel habits.
Keep the modeler in the driver seat and use AI for consolidation, formatting, and query-based edits.

INSIGHT

Models Stay Bespoke By Necessity

No two models are the same because sector and deal-specific nuances force bespoke structures.
That inherent uniqueness explains why modeling remains manual and error-prone today.

ADVICE

Use AI For Formatting And QA

Use AI for formatting, NLP-to-cell edits, and QA to find narrative or calculation issues.
Treat AI as a reviewer, translator, and accelerator rather than a blind calculator.

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In this episode of Financial Modeler's Corner, host Paul Barnhurst is joined by Matthew Lee, Co-Founder and CEO of Nummo, a software tool built to help analysts and bankers build financial models more efficiently. Matt explains why he started the company after years in investment banking and as a CFO, and what he sees as the real opportunities and limits of automation in financial modeling. The conversation covers the pressure of dealing with work, common modeling mistakes, and where tools like Nummo can help speed things up without replacing analysts. Matt also shares thoughts on what makes a good model and why hands-on understanding still matters most.

Matt is the Co-Founder and CEO of Nummo, an AI co-pilot for financial modeling that he wished he had during his time in finance. Before Nummo, Matt worked as an investment banker at Lazard, helping to execute sell-side and buy-side M&A deals totaling around $6 billion in enterprise value. He also served as CFO at a digital product studio, overseeing financial planning for emerging tech products launched by Fortune 500 firms and early-stage ventures. With over 40,000 hours in Excel, Matt built Nummo to deliver a banker-grade modeling platform that runs fully on-device, maintains cell-level accuracy, and automates workflows like DCFs, LBOs, comps, and fairness opinions.

Expect to Learn

Why financial models still need human input
Where tools like Nummo can improve modeling workflows
Why version control and hidden hard codes cause major issues
How to balance automation with accuracy and narrative
Why it’s critical to never outsource your understanding of a model

Here are a few quotes from the episode:

We’re about 30% of the way there. AI can help, but it can’t yet build a fully detailed, nuanced model.” - Matthew Lee
“Even with automation, you still need to check for hidden hard codes and make sure your model tells the right narrative.” - Matthew Lee
“Formatting, standardization, and QA are where AI is already adding value today.”- Matthew Lee

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