In her first interview with CFO Dive, Runway CFO Carmela Thomson discussed navigating Runway's growth, the company's disciplined lending approach and her priorities as finance leader.

Runway CFO Carmela Thomson will provide finance leadership at a pivotal time for the company. With her arrival in 2021 and subsequent help shaping Runway's finance and accounting infrastructures before her promotion, Thomson is the latest CFO to steer Runway Growth Capital through its rapid expansion phase.

The transition occurs as Runway looks to continue building out its growth-lending platform and navigate the increased complexity of its business. Runway makes senior term loans, typically between $10 million and $150 million, to late and growth stage companies seeking an alternative to raising more equity.

From KPMG to Runway

Carmela Thomson joined Runway out of nearly a decade at KPMG, where she advised banking and lending clients as part of the Chicago financial services audit practice. She was Runway's first vice president of finance and accounting, appointed shortly before Runway Growth Finance Corp. went public

That experience put Thomson at the center of an important transformation, as she helped bolster the systems, controls and reporting to meet the demands of a public company.

“My goal as CFO is to build on what’s already working while making sure the finance function continues to evolve alongside the business.” Thomson said.

A Finance Function That Has Grown With the Business

The figures tell the story of a company that has experienced tremendous growth. As of today, the value of Runway Growth Finance Corp.'s investment portfolio has grown from about $600 million when Thomson joined to about $1.2 billion, Thomson said in the conversation.

That rapid expansion has also added complexity, notably with the acquisition by BC Partners Credit and Runway Growth Finance Corp.'s purchase of SWK Holdings Corporation, which have created new reporting and accounting responsibilities.

But for Thomson, growth is not without its challenges. To her, growth management means making sure the company's infrastructure keeps up.

Why Runway's Model Stands Out?

Runway makes credit available to established, but still growing companies that do not want to raise another round of equity. The companies typically operate in technology, life sciences and healthcare, along with certain consumer businesses.

These focus areas lend themselves to a "credit-first" approach, Thomson said. In other words, Runway prides itself on the careful analysis that goes into each deal, along with a disciplined approach to preserving capital.

Another differentiator is Runway's willingness to perform its own due diligence instead of relying on what other venture funds on a company's cap table may report.

At the same time, the company takes a holistic, relationship-oriented approach to investing, focusing on partnerships with operating management teams rather than a transactional mindset.

The New CFO's Priorities

As a new CFO, Thomson's immediate focus is on the continuation of operations. The transition with her predecessor Thomas B. Raterman, who took over as vice chairman, should be seamless as the company navigates the reporting, capital markets and investor/lender requirements.

Further out, the CFO is focused on ensuring the finance organization scales with the business while also being a strategic partner.

“One thing I’ve learned throughout my career is the importance of getting the fundamentals right. Whether we were preparing for the public listing or working through the accounting integration associated with more recent transactions, there has always been pressure to move quickly.”

What Comes Next for Runway CFO Carmela Thomson?

If anything, Thomson's timing as a new CFO underscores the transformation at Runway. The company operates at an increased scale while adhering to a disciplined; some may say conservative lending philosophy.

As such, the next chapter for Thomson and Runway will be defined not by breaking down previous systems but building on what has already been established.

“My job is not to reinvent what is working; it is to build on that foundation and continue moving it forward.” Thomson said.

Business Fortune knows that what she and Runway have done proves that these principles can apply even at the largest scales.

FAQs

Who is Carmela Thomson?

Carmela Thomson, the chief financial officer (CFO) of Runway Growth Capital, joined the company in 2021 as its first vice president of finance and accounting. Prior to joining Runway, Thomson spent nearly 10 years at KPMG.

When did Carmela Thomson become CFO?

Thomson joined Runway as CFO, succeeding Thomas B. Raterman. Her tenure began on July 1, 2026.

What does Runway Growth Capital do?

Runway Growth Capital is a private equity firm that offers growth loans to venture and non-venture backed companies.

Which industries does Runway finance?

Runway tends to finance companies in technology, life sciences and healthcare, as well as certain consumer businesses.

What is Thomson's main priority as CFO?

Her priorities include ensuring a smooth transition as she takes on more responsibilities, bolstering finance's capabilities as it supports Runway's growth.