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In a groundbreaking year, Wallester has reported an impressive 87% revenue increase in 2024, fueled by its expansion into the UK and Latvia. The company has solidified its role as a leader in FinTech innovation, with substantial growth in both corporate revenue and client acquisition.
Robust Financial Performance
Financially, the firm demonstrated impressive performance. Unaudited revenue for the year reached €17.2M, representing an 87% Year-over-Year (YoY) increase. These figures underscore the company’s robust financial health and operational efficiency.
Under the leadership of CEO and Co-Founder Sergei Astafjev, the organisation achieved exceptional growth across its business segments. Specifically, unaudited revenue reached €17.2M, marking an 87% YoY increase. Within this, Wallester White-Label revenue grew to €8.5M, a 70% YoY rise, while Wallester Business revenue doubled to €8.6M, reflecting an impressive 109% YoY growth.
Annualised Run Rate (ARR) also saw a significant boost, reaching €26.3M, representing a 98% YoY increase.
EBITDA surged from a deficit of €-0.5M to a positive €3.4M, marking an astonishing 800% YoY growth. Similarly, net profit increased dramatically from €-0.6M in 2023 to €2.3M in 2024, representing an extraordinary 457% YoY improvement. These financial metrics highlight the company’s ability to navigate challenges while maintaining strong growth trajectories and enhancing profitability.
Geographic Expansion
One of the most notable events of 2024 occurred in March when the company received a cross-border activity license from the Estonian Financial Supervisory Authority (FSA), allowing the company to extend its services to the United Kingdom. As the first Estonian company to secure such a license post-Brexit, Wallester is uniquely positioned to tap into one of the world’s premier financial hubs. The UK team, led by CEO Julian Brand and supported by Group Chief Risk Officer Anna Maxim, is set to drive further success in this new market.
Meanwhile, Wallester continued its geographic expansion with the official opening of a new office in Riga, Latvia, in October. This move strengthens the company’s ability to serve clients in the Baltic region and beyond, enhancing its infrastructure and offering additional resources to fuel business growth.
Client Acquisition and Partnerships
The company also welcomed 2,250 new clients and issued over 1,000,000 cards during the year. These clients span diverse sectors, including travel businesses, payment service providers, large corporations, fintechs, governmental providers, and many others. The range and scale of industries reinforce the company’s unwavering belief in its market fit and leading position within the sector.
Award-Winning Year
Wallester was named the top startup in Estonia at the Äripäev TOP100 Gala, secured the 5th spot in the Sifted 30 Eastern Europe & Baltics Leaderboard, and was named the Best FinTech Partner at the 2024 FinTech Awards Europe and Best Enterprise Software Solution by SaaStock. The company also secured a spot on the iconic Estonian Mafia Wall of Fame at LIFT99 Tallinn Hub.
Looking Ahead to 2025
As we look towards 2025, plans are in place to expand its business to new countries, grow its team significantly, and bring in fresh ideas and experts to support its roadmap. Co-founder and CEO Sergei Astafjev commented, “Reflecting on 2024, I am filled with great pride at how our team dealt with numerous challenges and showed creativity and determination. We never stopped believing in our ability to deliver exceptional solutions. Thank you to every business that chose Wallester as their partner. We look forward to continuing our upward trajectory in 2025 and delivering even better results.”
About
Wallester is an Estonian-licensed financial institution and has been an official Visa partner since 2018, specialising in innovative digital financial solutions and card issuance. We empower companies across the European Economic Area (EEA) and the UK to streamline payments, launch branded cards, and scale efficiently.
What we do:
- White-Label Solution with Embedded Finance:
Our White-Label solution enables businesses to integrate financial services directly into their platforms – a concept known as embedded finance. This allows companies to launch branded payment cards tailored to their specific needs, enhancing customer experiences and opening new revenue streams. We ensure a swift time-to-market with simplified integration and dedicated support from our implementation team.
- Wallester Business: Corporate Expense Management:
Wallester Business is designed to modernise corporate expense management. It provides companies with instant access to virtual and physical Visa cards, streamlining financial processes through a modern app and comprehensive portal. Features include expense tracking, budget analytics, and seamless integration with accounting systems to enhance financial oversight and efficiency.
With a diverse team of over 140 professionals located in Estonia, Latvia, France and the United Kingdom, we are dedicated to developing high-quality, profitable products for our clients. Our passion for innovation drives us to improve and adapt to the evolving financial landscape continuously.
Press Contact
Justin Zehmke
+372 58300375
