From Food Delivery to Embedded Finance - Wolt's Journey to Financial Services with Anniina Heinonen

Some companies have Fintech in their DNA, even though they're not from the financial services industry. Wolt, the Finnish food delivery platform, is one of these companies that has built embedded finance operations across Europe.In this episode, host Lars Markull speaks with Anniina Heinonen, Managing Director at Wolt Payments, about how a restaurant platform evolved into a regulated financial institution operating across more than 20 European markets. What started as PSD2 compliance in 2021 has become a suite of financial products.Anniina explains how Wolt has always been a Fintech company, managing payment flows across 30+ markets, requiring financial infrastructure. However, what sets their approach apart is that they don't focus on the direct profitability of financial products. Instead, they focus on whether these services help merchants grow, creating a flywheel effect for their core platform.We explore Wolt's three main products: merchant acquiring, eWallet functionality through gift cards, and Wolt Capital. Wolt Capital is a cash advance solution which provides tens of thousands of euros to restaurant partners with automatic, revenue-based repayment.You Will Learn:How PSD2 compliance became a driver for embedded financeWhy controlling payment flows gives platforms advantages in lendingHow to measure success for embedded financeThe reality of managing regulated financial services across 20+ markets with 15 peopleWhy revenue-based repayment works for restaurant lending- Practical advice for non-financial companies building their first financial productThe mindset shift from traditional finance to embedded financeHow Embedded Finance creates competitive advantages for platform businesses.Visit our website https://www.embeddedfinancereview.com/ for more content.This episode was produced by Orama.tv.(00:00) Start(01:33) Introduction and Greetings(02:10) Wolt Payments: An Overview(02:43) PSD2 Compliance and In-House Financial Entity(06:31) Payment Acceptance and Payouts(07:31) eWallet and Gift Cards(07:49) Wolt Capital: Lending Product(21:00) Revenue-Based Payback and Risk Management(29:23) Team Structure and Operations(31:43) Anniina's Career Journey(34:46) Advice for Building Financial Services In-House

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