TALLINN, EE / ACCESS Newswire / March 26, 2025 / Estonian digital finance leader Wallester concluded a transformative year marked by unprecedented growth and strategic expansion across Europe.
From left to right: Fred Sooläte - Сhief Compliance Officer, Dmitri Logvinenko - Chief Operating Officer, Sergei Astafjev - CEO, Aivar Paul - Chief AML Officer
Robust Financial Performance
Unaudited revenue for the year reached €17.2M, representing an 87% Year-over-Year (YoY) increase. ARR (Annualised Run Rate) reached €26.3M, reflecting a 98% YoY growth. EBITDA surged from €-0.5M to €3.4M, marking an 800% YoY growth, while net profit rose to €2.3M in 2024, representing a 457% YoY improvement.
Under the leadership of CEO and Co-Founder Sergei Astafjev, Wallester White-Label revenue grew to €8.5M, a 70% YoY rise, while Wallester Business revenue doubled to €8.6M, reflecting a 109% YoY growth.
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.
Wallester continued its geographic expansion with the official opening of a new office in Riga, Latvia, in October, strengthening the company's ability to serve clients in the Baltic region and beyond.
Client Acquisition and Partnerships
The company 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.
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.
Looking Ahead to 2025
As we look towards 2025, plans are in place to expand business to new countries, grow the team significantly, and bring in fresh ideas and experts. 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. Thank you to every business that chose Wallester as their partner."
About Wallester
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.
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.
Contact Information
Justin Zehmke
justin.zehmke@wallester.com
+37258300375
SOURCE: Wallester
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