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

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

Follow Matthew:

LinkedIn - https://www.linkedin.com/in/matthew-m-lee/

Company - https://www.nummo.xyz/

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In today’s episode:

[02:28] - Matt’s background

[03:54] - Worst modeling mistakes

[06:24] - What Nummo is and how it works

[11:10] - Biggest Challenge in M&A Transactions

[15:34] - Building models that tell a story

[28:23] - How workflows are changing

[31:53] - Favourite Excel Shortcut

[39:44] - Rapid fire: Excel habits and preferences

[45:35] - Final Question & Episode