Founded in 2016 by fintech entrepreneur Dmitri Logvinenko, Wallester is headquartered in Tallinn, Estonia and provides a self-made platform carrying the latest technologies.
Originally launched as a spin-off from a Norwegian finance and credit company, Wallester has evolved into a cloud-based, card issuing technology solutions and licensing services company.
Initially founded as a fintech software solutions provider to operate cards, Wallester diversified following the directives of its dynamic CEO, Sergei Astafjev who established new, global goals. His strategy saw Wallester gain its payment service provider licence from Finantsinspektsioon. A year later, in 2018, the company became a licensed visa partner and now operates in many countries, offering complicated technological solutions.
Today, Wallester is also classed as an Estonian Payment Institution that creates efficient fintech solutions and provides transactional services in all EEA countries.
As a Visa Principal Member since 2018 as well as a Visa FinTech Fast Track Member, the fintech issues branded physical and virtual cards that can be connected to such contactless payment services as Google Pay, Apple Pay, Samsung Pay and more.
Making company payments easier
A licensed white label Visa card issuer, Wallester bridges the gap between business financial needs and banking, by meeting all the requirements of card issuing along with plenty of popular functionalities.
According to reports a wide range of business models can benefit from the diversified solutions and individual approaches that Wallester offers.
The start-up’s latest solution is a new revolutionary product with a plethora of flexible and useful functions. CEO of Wallester, Sergei Astafjev says Wallester’s aim is to enhance the business financial process through its solutions, and expand its marketplace globally, through its partnership with Visa so that its services become accessible on a global scale.
What is the ‘White Label Card Solution?
White label card programmes help companies brand their financial products and create an identity through their transactions. The ready-made White Label Programme by Wallester provides a streamlined and user-friendly payment solution for companies. The platform ensures easy and swift White-Label cards issuing alongside a cutting-edge CRM system that facilitates processing payment details in real time mode conveniently and smoothly.
The solution also lends itself perfectly to those operating in the gig economy, as Wallester provides cards for gig platform employees such as Uber drivers, food couriers and other freelance workers, to simplify the payment transaction process.
The growing gig economy
According to reports, the global gig economy was worth almost US$350bn in 2021 and is growing exponentially year-on-year. Gig workers are classed as independent contractors, online platform workers, contract firm workers, on-call workers and temporary workers who enter into formal agreements with on-demand companies to provide services to companies. The nature of their work has, in the past, resulted in difficulties with payments because they are not classed as salaried employees.
But Wallester provides an entire ecosystem of payments that can be set up according to each customer’s requirements, including facilities that cater to gig economy workers. Companies can even brand and design actual debit or credit payment cards as well as select different materials for the cards to be made from.
A ready-to-use transactional platform
Wallester also has ready-to-use platforms that manage cards as well as Open API with the possibility to integrate into existing management tools. As part of this, an optional service enables users to create branded mobile apps for employees to manage their cards.
Additional services include:
- Consumer and business programs
- Working with both financial and non-financial organisations
- Committing to launching virtual cards in one month, and physical cards in three months
- The option to set up Visa Gold, Platinum, Signature, or Infinite Benefits for user cards.
Corporate card solutions by Wallester
As part of its toolbox of solutions for corporate finance, Wallester recently launched their latest product, Wallester Business. Free for clients, this in-demand service offers to issue corporate cards with individual limits. The cards are also integrated with accounting services to help companies to control their financial transactions internally.
The all-in-one solution has seven major components to streamline corporate spending and accounts, enabling frictionless services when it comes to employee spending and expenses..
- Corporate expense cards - Issuing physical and virtual cards with an IBAN account
- Expense control - Transaction monitoring in real time and limit regulation
- Payment approvals - Confirming purchase requests from the employees
- Media buying - Instant issuance of virtual cards to purchase online advertising
- Invoicing - Uploading invoices via app for accounting
- Budget management - Integrated accounting service
- Reports - Detailed information on all corporate expenses
- Possibility to integrate - via API
- Possibility to use Mobile App - to manage all Company Expenses in one place. Enables limits for Employees, Statistics, Categorisation, Expense Approvals.
- Possibility to create - Profiles for each user/worker and set up permissions for each account.
- Visa Platinum benefits - Rewards for employees and the company. This includes a lounge key, with access to over 1000 lounges when you travel. Customer support and special offers in spa, shops, and restaurants. In addition to that you are getting Visa Luxury Hotel discounts in over 900 hotels around the globe.
A new era of corporate spending
Speaking about the new, White Label service and Wallester Business, CEO of Wallester, Sergei Astafjev said, “I strongly believe in the very high value of Wallester products. Not only were we able to create a well established white-paper solution for our financial partners - based on the ever growing demand, we are now expanding our services to partners and customers outside of the financial world, with our new product called Wallester Business.
“Our goal is to offer a seamless turnkey solution for all our partners as we are steadily finding our path and place in the embedded financial services niche. He added, “There are so many more companies - and eventually people - out there in the World that we can help and who are looking out for us! We are thinking really globally here, in the longer term.”
- Exclusive video: Scaling tech businesses with SageFinancial Services (FinServ)
- Exclusive video: Digital ecosystems; driving banking forwardFinancial Services (FinServ)
- Money20/20 USA: Amdocs on making consumer finance simpleFinancial Services (FinServ)
- Embedded finance: Innovating for goodFinancial Services (FinServ)