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# From Food Delivery to Embedded Finance - Wolt's Journey to Financial Services with Anniina Heinonen
- URL: https://www.embeddedfinancereview.com/podcasts/from-food-delivery-to-embedded-finance-wolt-s-journey-to-financial-services-with-anniina-heinonen-7f/
- Published: 2025-06-25T06:20:08.000Z
- Updated: 2026-09-14T20:07:39.000Z
- Description: Learn how Wolt transformed from food delivery platform to regulated financial institution across 20+ European markets with embedded finance products.
- Author: Lars Markull
- Tags: Podcast, Embedded Payments, Embedded Lending, Embedder, Marketplace, Restaurants, Europe, Finland, Wolt, Finmid, Stripe

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Prefer to read? The full transcript of this episode is available [here](https://www.embeddedfinancereview.com/anniina-heinonen-wolt-payments-transcript/).

In this episode, host Lars Markull speaks with [Anniina Heinonen](https://www.linkedin.com/in/anniina-heinonen-16390b4/?%5Fbhlid=49bb6992f4645af53c2265481596c7f4bb5845d8&ref=embeddedfinancereview.com), Managing Director at [Wolt Payments](https://wolt.com/?%5Fbhlid=c8ddaf992a0f0713f24111cde9483a134ba19491&ref=embeddedfinancereview.com), about how the Finnish food delivery platform transformed from a restaurant marketplace into a regulated financial institution. Wolt operates across 20+ European markets and has built embedded finance capabilities that go far beyond simple payment processing. Anniina explains how PSD2 compliance became the catalyst for Wolt's financial services journey, leading to a comprehensive suite of products that support merchant growth while creating competitive advantages for the platform.

## How PSD2 Compliance Sparked Wolt's Embedded Finance Strategy

- PSD2 regulations required Wolt to establish an in-house payment institution in 2021 for merchant acquiring compliance
- The decision to build capabilities in-house rather than outsource created strategic leverage across 20+ European markets
- PSD2 accelerated existing Fintech thinking that was already embedded in Wolt's DNA from the early days
- Platform businesses naturally require sophisticated financial infrastructure to manage multi-stakeholder money flows
- The regulatory requirement became an opportunity to control and optimize the entire payment experience

## Wolt's Complete Financial Product Portfolio

- **Merchant Acquiring**: Regulated payment acceptance and payout services for restaurant partners across Europe
- **eWallet Functionality**: Gift card credits stored as e-money in the app, creating customer retention and convenience
- **Wolt Capital**: Cash advance lending product offering tens of thousands of euros to restaurant partners
- All products leverage Wolt's unique position in the payment flow and rich merchant data
- Integration across products creates seamless experience for both customers and merchants

## Revenue-Based Lending for Restaurant Partners

- Wolt Capital provides unsecured cash advances based on merchant performance data from the platform
- Automatic revenue-based repayment takes percentage from daily payouts, adapting to seasonal fluctuations
- Merchants use funding for equipment upgrades, premises renovation, working capital, and new venue openings
- Partnership with Finmid enables lending across 14 European markets in less than one year
- Risk management improved through control of payment flows and access to real-time merchant data

## Measuring Success Beyond Direct Financial Product Profitability

- Success measured by merchant growth on the platform rather than direct lending profits
- Focus on helping restaurants maximize potential rather than optimizing financial product margins
- Embedded Finance creates flywheel effect: better-funded merchants generate more platform revenue
- Conservative approach avoids force-pushing products, making them available when merchants have a genuine need
- Long-term platform growth is more valuable than short-term financial services revenue

## Building Regulated Financial Services In-House

- Wolt Payments operates with full payment institution and e-money licenses across EEA markets
- Team of just 15 people manages regulated activities, supported by hundreds across product, engineering, and local operations
- Licenses cover all payment services and e-money services except money remittance
- In-house approach provides control over development roadmap and customer experience
- Regulatory compliance includes anti-money laundering and financial crime prevention as major focus areas

## Practical Advice for Non-Financial Companies Entering Embedded Finance

- Start with a few knowledgeable people in-house to establish proper foundations
- Don't build embedded finance products simply because you can - focus on genuine customer problems
- Getting the basics right early makes future expansion and complications easier to handle
- Consider in-house capabilities when managing international business across multiple European markets
- Building embedded finance creates better services for the entire ecosystem when done properly