As Gerry Myerson already said, $\newcommand{\cfm}{\operatorname{CFM}_{\Bbb N}(\Bbb R)}\cfm$ can be seen as matrices where the index ranges over the whole $\Bbb N$, instead of just $\{1,\cdots, n\}$, with the request that each succession $A_{1j},A_{2j},\cdots, A_{kj},\cdots$ is eventually $0$. This allows each sum $\sum\limits_{k=1}^\infty A_{ik}A_{kj}$ to be actually finite.
A convenient way to see $\cfm$ is the following: recall that the map \begin{align}M(n,\Bbb R)&\to \operatorname{end}_{\Bbb R}(\Bbb R^n)\\A&\mapsto \left[x\mapsto A\cdot x\right]\end{align}
is an isomorphism of unital $\Bbb R$-algebras (hence, of monoids)
Analogously, let's call $\Bbb R^{(\Bbb N)}:=\bigoplus\limits_{n\in\Bbb N} \Bbb R$ the set of real sequences $x=(x_n\,:\,n\in\Bbb N)$ such that $x_n=0$ eventually.
Given $A\in\cfm$ and $x\in \Bbb R^{(\Bbb N)}$, we can consider the vector $\Bbb R^{(\Bbb N)}\ni y=A\cdot x$ given by $$y_i:=\sum_{k=1}^\infty A_{ik}x_k$$
In analogy with the finite case, the map \begin{align}\cfm&\to\operatorname{end}_{\Bbb R}\left(\Bbb R^{(\Bbb N)}\right)\\ A&\mapsto[x\mapsto A\cdot x]\end{align}
is an isomorphism. Therefore, you can without loss of generality see $\cfm$ as the algebra of linear maps $V\to V$, where $V$ is a $\Bbb R$-vector space with $\dim V=\aleph_0$, with the identification $\Phi_{A\cdot B}=\Phi_{A}\circ\Phi_{B}$.