FinTech Magazine’s Executive of the Year - Sergei Astafjev

Sergei Astafjev, CEO and Co-founder of Wallester AS, has been named Executive of the Year by the Global FinTech Awards for his leadership of the Estonian fintech company as it accelerated its growth across Europe.

The recognition marks a pivotal moment for a business that has transformed the landscape of card issuance and embedded finance since its founding in 2016.

Wallester operates as a regulated financial institution and Visa Principal Member, providing card issuance infrastructure and embedded finance solutions to companies seeking to launch financial products without developing their own infrastructure. 

The platform serves over 4,750 companies across the EEA and the UK, operating through two core offerings: Wallester Business, a free all-in-one solution for corporate expense management with instant virtual and physical Visa cards, and Wallester White-Label, which enables partners to launch branded payment programmes.

Financial Performance Drives Industry Recognition

The metrics behind Wallester's trajectory demonstrate the scale of growth that has occurred under Sergei’s direction. In 2024, the company reported revenue of €17.2m (US$19.8m), representing an 87% increase year-on-year. 

Annual recurring revenue reached €26.3m (US$30.3m), up 98%, while EBITDA improved to €3.4m ($US3.9m) from -€0.5m ($US577,872) in 2023. Net profit stood at €2.3m ($US2.66m), reversing a €0.6m (US$693,400) loss from the previous year.

In commercial terms, Wallester issued over one million cards throughout 2024 and onboarded 2,388 new clients across 37 countries. The company became the first Estonian fintech to receive a cross-border licence following Brexit, enabling direct United Kingdom operations without reliance on third-party intermediaries.

The licensing achievement carries particular significance within the European context, where regulatory fragmentation has historically complicated expansion for fintech firms.

During the same period, Wallester launched 12 new white-label programmes, allowing established firms in fintech, media, logistics and the public sector to enter the card issuance market. 

The company also eliminated euro top-up fees and multi-currency transaction charges, measures that reduced client operating costs across the platform.

Building an Ecosystem for Growth

Sergie’s approach to market development extends beyond Wallester's direct operations. The company provides developer documentation, sandbox environments and white-label frameworks designed to lower entry barriers for fintech startups and established enterprises. 

Wallester Business operates at no charge, a decision that has made corporate expense management and card issuance accessible to small and medium-sized enterprises across the EEA and UK.

The decision to offer a core product free of charge represents a strategic approach to market penetration in the European expense management sector, one historically dominated by legacy providers. 

Sergei has positioned this approach within broader industry evolution, participating in discussions around open APIs, regulatory frameworks and cross-border payment infrastructure at forums including Money 20/20 and fintech conferences throughout Europe.

Internally, Wallester expanded its team by 67% in 2024. Sergei operates a management style described as collaborative, with cross-functional teams involved early in product development to ensure business and technical perspectives align. 

The company's culture has been characterised as performance-driven, with standards of technical and operational excellence reflected in the development of platforms like Wallester Business and Wallester White-Label, which incorporate features including instant card issuance, modular architecture and real-time spend monitoring.

Wallester's partnerships include arrangements with Visa, Holm Bank, KuCoin, Cino and Latvian Post, positions that have established the company as a go-to partner for firms launching fintech programmes. 

Beyond 2024, Wallester was recognised at the Baltic Fintech Awards 2025 as a growth story, whilst the Financial Times and Statista ranked it 47th among Europe's fastest-growing companies overall, first in Estonia and seventh in fintech. 

The company also earned recognition in the Sifted 100 leaderboard for the DACH and CEE regions, the Finder Provider of the Year Awards for business expenses, and the Europe Fintech Awards.