Finance interim consultants supported Wolt´s growth and international expansion

The US listed technology company DoorDash acquired the Finnish tech company Wolt a couple of years ago. However, the collaboration with NIS had already started earlier, when Wolt was looking for a partner to support its growth. In preparation for the acquisition, the company required, for example, IFRS and US GAAP conversions, as well as an upgrade of its monthly reporting to the standards of US listed companies. With the new growth phase, Wolt’s reporting requirements increased, and in many areas the level of documentation became stricter than in Finnish listed companies.

Three years ago, Wolt engaged an interim finance consultant, as rapid growth also brings new situations and temporary resource gaps. This has supported Wolt’s continued development, helping the finance organisation keep pace with growth while also expanding its capabilities.

“NIS felt like the fastest and easiest way to bring in temporary support for our rapidly growing organisation. The NIS team didn’t just understand our needs from a few bullet points—they responded to them quickly and effectively”, says Raisa Kinnunen, VP Shared Services and A&R at Wolt.

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

Wolt är för närvarande verksamma i 27 länder och dess ekonomifunktion har femdubblats under de senaste åren. Tillväxt och internationell expansion syns i hela verksamheten, till exempel är de flesta teamen globala. De förändringar som tillväxten medför återspeglas direkt i organisationen, med bland annat nya projekt, processer och kontroller. NIS konsulter har därför arbetat på Wolt i flera olika roller, till exempel som Project Manager, Senior Manager of Group Accounting, Group Financial Controller och Payroll Controller.

Wolt currently operates in 27 countries, and its finance function has grown fivefold over the past few years. Growth and international expansion are reflected across the entire organisation - for example, most teams are now global. The changes brought about by growth are directly visible in the organisation, including new projects, processes, and controls.

As a result, NIS consultants have worked at Wolt in a variety of roles, such as Project Manager, Senior Manager of Group Accounting, Group Financial Controller, and Payroll Controller.

Anne Evinsalo, finance consultant at NIS, has led global projects and system implementations both across Wolt as a whole and within the finance function. Jutta Lehtinen, also a consultant at NIS, initially joined the Internal Controls team and later transitioned into the role of Country Controller.

“I believe the most significant benefits of the interim consultants have come through the projects themselves. The implementation of the BlackLine system, which governs monthly reporting, is a good example of this. In the project, NIS’s own project team worked alongside Wolt’s internal team”, says Kinnunen, highlighting the importance of collaboration.

Evinsalo from NIS has served as Process Lead in the project and is very enthusiastic, as the change has increased transparency in figures, improved timeline tracking, and made work more efficient through system integrations.

“The BlackLine system was implemented across all countries and entities. The project was extensive, as it was not only about implementing a system, but also harmonising monthly reporting processes across Wolt’s different entities while taking into account the new SOX control requirements”, Evinsalo explains.

The development of Wolt’s controls represented a major cultural shift

When DoorDash acquired Wolt, the implementation of SOX controls became a necessary step. SOX triggered a kind of domino effect, after which many new controls were introduced and documentation of existing controls became significantly more stringent.

“This has meant a major cultural shift that has required substantial adaptation. There seems to be no other company in Finland that, during a period of rapid growth, has had to meet such strict control requirements. It has been inspiring to see how the teams and the company have adapted to the necessary changes by working towards a shared goal. At the same time, we have still managed to maintain a relaxed and inspiring atmosphere”, says Lehtinen.

Wolt

Wolt is a technology company founded in Helsinki that makes it easy to order food and other everyday goods. Through the Wolt app, customers can order meals from their favourite restaurants, fresh groceries, and other products delivered directly to their door. To enable this, Wolt develops technology for local logistics, grocery retail, and financial services. In addition, Wolt operates its own grocery store, Wolt Market.

Wolt’s mission is to make cities better places by working together with local partners. Founded in Helsinki in 2014, Wolt joined forces with DoorDash in 2022 and is today operating in 31 countries, 27 of which use Wolt’s product and brand.