Kristi Hõrrak, Finora Bank’s Chief Financial Officer, doesn’t just lead with numbers—she leads with heart, resilience, and a strong drive that reflects her passion for marathon running. With a CPA and CIA certification, she has led major financial initiatives at Finora and other organizations. A nominee for the Most Influential CFO, Kristi is known for her expertise in financial forecasting, audits, cost efficiencies, and digital transformations. As one of the key figures in shaping Finora’s journey, Kristi has seen it all, from the intense process of acquiring a banking license to building a strong and dynamic team. Recently celebrating four years with Finora, Kristi shares her story, her motivations, and the mindset that keeps her pushing forward every day.
Q: Can you tell us more about your journey at Finora? What brought you here four years ago?
A: My career began in PricewaterhouseCoopers, the world’s leading professional consultation enterprise (financial consulting, audit, taxation, M&A, IPO’s etc) operating in over 150 countries with approximately 327,000 employees where I started at the entry level but soon became a leading figure, managing large-scale audit projects for some of the biggest clients, like the Energy of Estonia. It was very challenging, but very, very interesting to learn from leading enterprises in the market. I also stepped into entrepreneurship, running my own organic clothing company, which gained recognition as a flagship for sustainable fashion in Estonia. I always had this entrepreneurial mindset—I wanted to create, implement, and grow businesses.I have also served as the CFO of one of Estonia’s largest enterprises, employing approximately 3,000 people. Upon my joining, the owner set an ambitious goal for me as a CFO for the company to achieve financial independence, no longer needing regular financial injections from the owner. I am proud to say that I was able to fulfill this objective ahead of schedule.
After that, I had several offers on the table—one was from the largest bank in Estonia, and the other was from Finora, which was still in its early stages with three employees working in Lithuania and a maximum of six people working in Estonia. It was a tough decision; on one hand, there was the stability of a well-established institution, and on the other, the thrill of building something new and innovative from the ground up. My entrepreneurial spirit and love for challenges eventually won out. I chose Finora.
The idea of building a bank from the ground up was a challenge I couldn’t resist. How many people can say they’ve built a bank? I have that privilege. Joining Finora was one of the best decisions I’ve made, and it’s been an incredible journey ever since. Looking back, I’m incredibly grateful for the decision I made. Finora has allowed me to push my boundaries, evolve professionally, and do things I never imagined possible.
Q: What was it like being part of the process to obtain a banking license?
A: It was an intense and demanding process. At one point, the number of documents reached 2,000, and we stopped counting! Every single detail mattered, and it required a lot of focus and patience—there were moments when it felt like it would never end. But we kept pushing through because we knew how important this was for us.
The process was very tough, however it was also incredibly rewarding. We were the last company in the Baltics to receive a banking license in 2022, and that’s something special. It’s a huge achievement, especially when you consider how many other companies were trying to get it and didn’t make it. I learned so much through this experience, not just about regulations and requirements, but about resilience and the strength of working with a very professional team. We didn’t invent the bicycle ourselves; we relied on top experts and consultants, and that made all the difference. It’s not something I’ll ever forget, and it really shows what a dedicated team can accomplish.And of course, the contribution of our founders in obtaining the banking license was of the utmost importance.
After obtaining the license, we thought we could finally take a breather, but that was just the beginning. Despite Finora Group’s extensive experience in the credit-issuing sector, building a bank is an entirely different challenge. Transitioning from a credit company to a fully operational bank required a fresh approach, pushing us to rethink strategies and embrace new complexities.
Q: What do you enjoy most about your role as CFO at Finora?
A: The variety of things I’m responsible for—sometimes it’s crazy. But I think that actually, this is what keeps me engaged. The variety of responsibilities and the fast-paced environment keep me engaged. Every day is different, and I love the constant learning and growth. My work at Finora allows me to push boundaries and explore new challenges, which is something I truly enjoy.
But I really want to talk about my team. I have an amazing and talented group of people who make everything possible. My team handles immense workloads, like preparing over a hundred reports every quarter—reports that have to be precise, detailed, and delivered on time. And they do it all without a single complaint, no matter how challenging the task is or how tight the deadlines are. Their dedication, passion, and responsibility truly give me energy every day. It’s not just about doing the work; it’s about doing it well, every single time. They take ownership of their roles, and it’s become almost like second nature for them to meet these high standards consistently.
It’s all about trust with my team. I never feel the need to double-check their work because I know they always deliver top-notch quality. They often surprise me with their willingness to go the extra mile, even when I haven’t asked. This kind of proactive attitude is rare, and I am truly grateful for each one of them. They are responsible, committed, and always bring their best to the table, and I can’t emphasize enough how much I appreciate that.
What really stands out to me is that they always maintain a positive mindset, even when the pressure is high. The team doesn’t just see their work as tasks to be completed; they see it as an opportunity to contribute, and that mindset makes all the difference. I’m proud to lead such a team, and I love working with every single one of them.
Q: How do you motivate your team and maintain such a high level of performance?
A: I believe in empathy and support. I always try to put myself in my team’s shoes and understand their challenges. Rather than pushing them with questions or adding pressure, I prefer to ask, “How can I help?” My job is to create the right environment and offer the support they need. Sometimes, the greatest “help” I can offer is to let them work in peace, showing that I trust them, while also ensuring they know that I am always there if they need me.
Q: How do you handle high-pressure situations and make critical decisions?
A: It all starts with taking care of myself. I go to the gym every other morning, listen to books or podcasts, and ensure my energy levels are high. In high-pressure moments, I always try to understand the other person’s perspective. Everyone has their reasons, and understanding those helps me manage stress and make better decisions.
Q: We know that you are a marathon runner, so what parallels do you see between running marathons and your role as CFO?
A: Marathon running teaches you that you have more capacity than you think, especially when you hit those last ten kilometers. It’s a lesson I carry into my work at Finora—pushing boundaries, taking on new challenges, and constantly evolving. Both require resilience, mental toughness, and a positive mindset.
Q: How did you find this sport? How did everything start?
A: I’ve been doing sports my whole life. I started with skiing marathons first. There’s actually a funny story behind it. One Saturday morning, I invited a friend to ski, but instead, she suggested we join a 70-kilometer ski marathon in Finland. I didn’t have the right skis or boots, but I decided to go anyway. My spouse was very supportive, and packed me a backpack with snacks, and it was my first marathon ever; we didn’t even know then that you are given food in the stops. That experience pushed my limits, and after that, I started running. The same year, I ran my best marathon with a time of 3:30. I did not have a regular trainer but I had a positive attitude and smile on my face. . It’s tough, especially the last 10 kilometers, but it taught me that I have more capacity than I think, and I carry that lesson with me in my professional life.
Q: What advice would you give to someone seeking a leadership role in finance?
A: Be willing to take on challenges—it’s the fastest way to learn and grow. Focus on developing your soft skills alongside your technical expertise. Leadership is about continuous improvement, learning from your experiences, and maintaining a positive mindset. If you truly want something, you can achieve it.
Q: And one last question. What’s one book, podcast, or movie that you would recommend?
A: I have so many… At the moment, I’m reading High Output Management by Andrew S. Grove, to contribute to making our bank more efficient at strategic level. I’m also inspired by Amazon Unbound: Jeff Bezos and the Invention of a Global Empire to learn about relentless innovation and strategic thinking in building a global empire. I believe in Finora and in our ambitious goals and I want to contribute to that with my knowledge.