The US listed technology company DoorDash acquired the Finnish tech company Wolt a couple of years ago. However, the collaboration with NIS began already before this, when Wolt was seeking a partner to support its growth. In preparation for the corporate transaction, there was a need for conversions to IFRS and US GAAP, as well as an upgrade of monthly reporting to a level comparable to a publicly listed company. In line with the new growth phase, Wolt’s reporting requirements have increased, and in several areas the level of documentation in the company is stricter than in Finnish listed companies.

About three years ago, Wolt decided to use external resources within the finance function, as rapid growth also brings rapid change and temporary resource shortages. This approach has enabled Wolt’s own development to continue, the finance department to keep pace with growth, and the competence within the finance function to broaden.

“NIS appeared to be the fastest and smoothest way to bring in additional resources to our rapidly growing organization. The NIS team has not only been able to interpret our needs based on a few key points, but also quickly meet them,” says Wolt’s VP, Shared Services and A&R, Raisa Kinnunen.

The finance function grew rapidly from a team of around 20 people to an organization of 110.

Wolt currently operates in 27 countries, and its finance function has quintupled in size over recent years. Growth and internationalization are reflected in all work, and many teams are global. The changes brought by growth are directly visible in the finance organization in the form of new projects, processes, and controls. NIS consultants have worked at Wolt in several different periods and roles, such as Project Manager, Senior Manager in Group Accounting, Group Financial Controller, and Payroll Controller.

NIS finance consultant Anne Evinsalo has led global projects and system implementations both across Wolt’s organization and within the finance function. Another NIS consultant, Jutta Lehtinen, started in the Internal Controls team and later moved into the role of Country Controller.

“I would say that the biggest benefits of interim consultants have come through projects. The implementation of the BlackLine system, which governs monthly reporting, is a good example. In the project, NIS’s own project team worked together with Wolt’s team,” highlights Kinnunen.

In the BlackLine project, Evinsalo acted as Process Lead and is very enthusiastic about the overall outcome, as the change has increased transparency in the numbers, facilitated schedule follow-up, and improved efficiency through system integrations.

“The BlackLine system was implemented in all countries and entities. The project was very extensive, as it was not only about a system implementation, but also about standardizing monthly reporting processes across Wolt’s various entities and taking into account new SOX requirements,” Evinsalo explains.

The development of Wolt’s control environment has involved a major cultural change.

With DoorDash as the owner, the implementation of SOX controls became a necessary step. SOX created a kind of domino effect, and since then many new controls have been introduced at a rapid pace, while documentation requirements for existing controls have been significantly tightened.

“This has been a major cultural change and has required a great deal of adaptation. There is probably no other company in Finland that, during a strong growth phase, has had to meet such strict control requirements. It has been inspiring to see how teams and the company have been able to adapt to these changes by working towards the same goals. At the same time, a relaxed and engaging work environment has been maintained,” says Lehtinen.