Wallester: Four Years of Fintech Evolution — A Case Study in Growth, Scaling, and Adaptation

The company rose to prominence thanks to two flagship products: Wallester Business, a streamlined platform for corporate finance management, and Wallester White-Label, a solution for issuing custom-branded cards. Together, these products now generate over €17 million in annual revenue.

But this success wasn’t built overnight. It’s the result of four years of consistent work, turning a bold vision into a sustainable international business. To understand Wallester’s success, we need to go back to where it started: in 2021.

2021 — Laying the Foundation

The key turning point actually occurred at the end of 2020, when Wallester became a VISA Principal Member, gaining the ability to issue payment cards without intermediaries. This transformed the company from a startup into a fully equipped business with a clear product concept.

●        In Q1 2021, Wallester launched Wallester White-Label, allowing clients to issue fully personalized payment instruments with custom designs and tailored transaction rules.

●        In Q2, the first version of the mobile app was released. Although limited in functionality, it helped many partners explore the platform and commit to a subscription.

●        In Q3, the company received a cross-border license from Estonia’s Financial Supervisory Authority (FSA), enabling operations across the European Economic Area.

Annual revenue in 2021 reached €790K. But more importantly, Wallester established a strong technical and regulatory foundation for future growth.

2022 — Product Portfolio in Balance

In 2022, Wallester introduced its second flagship product — Wallester Business. Alongside card issuing, the company offered a full corporate finance management system, helping balance its product portfolio with solutions for building new fintech brands and managing established businesses.

Notable milestones in 2022 included the following:

●        Incorporating a legal entity in the United Kingdom — marking a strategic step in global expansion.

●        Partnering with Amazon Web Services (AWS) and implementing a cloud-native payment infrastructure. This move accelerated scalability and gave Wallester the flexibility to adapt to client needs faster.

Annual revenue grew to €4 million — a fourfold increase. It marked the beginning of true operational scaling across the European Economic Area.

2023 — Diversification and Regional Expansion

The year 2023 was transformative. Wallester opened a new office in Valbonne, France, joining the prestigious Sophia Antipolis science and tech park. This move enhanced the brand’s visibility and connected it more closely with innovation-driven events and stakeholders.

Other achievements of the year included:

●        Launching the Affiliate Program, originally an experimental initiative that quickly evolved into a strong acquisition channel and key part of Wallester’s marketing strategy.

●        Introducing the Wallester Business Payroll Program — a card-based solution for employee, freelancer, and partner payouts. It offered greater flexibility for businesses operating with hybrid or remote teams.

Revenue in 2023 climbed to €9.2 million. The team size grew by 67%, bringing in top-tier specialists in digital payments, IT, and marketing, expanding the company’s creative and technical capabilities in parallel with its business growth.

2024 — Consolidation and Strategy Validation

Wallester continued to expand both its physical footprint and technical infrastructure in 2024. A new office in Riga strengthened the company’s position across the Baltics, Northern Europe, and Central Europe. The year’s defining moment was obtaining a cross-border license to operate in the UK — a strategic response to Brexit-related regulatory changes. This opened access to one of the world’s most important hubs for digital payments.

Key milestones in 2024 also included:

●        Winning top honors — 1st place in Estonia’s TOP100 startups (by Äripäev) and 5th place in Sifted’s “Sifted 30” for Eastern Europe.

●        Technical upgrades — deeper AWS integration, centralized data storage, and the implementation of AI-driven fraud monitoring tools.

●        Leadership appointments — Julian Brand was named CEO of the UK division and joined the company’s management board.

Revenue for 2024 reached €17.2 million — with income evenly split between Wallester White-Label and Wallester Business. This balance highlights the strength of the company’s product strategy and business model.

2025 — Looking Ahead

Wallester has ambitious plans for 2025. These include expanding into new markets, rolling out major product updates, and launching cutting-edge features to improve the usability and security of its platforms.

As Wallester’s CEO and Co-Founder, Sergei Astafjev, puts it: “This is just the beginning. The next four years will be defined by even greater breakthroughs, bolder ambitions, and an unwavering commitment to transforming the future of finance. With this team, I have no doubt that we will redefine what’s possible.”

Wallester’s journey is a model of structured fintech growth — built on a foundation of robust tech, legal compliance, and real-world product-market fit. It shows how to scale in a complex and competitive environment without sacrificing quality or control.

The company’s “product + infrastructure + regulation” model sets an example for anyone aiming to build sustainable success in today’s fast-paced financial technology space. And above all, this story is far from over.