Wallester Qorus-Infosys Finacle Banking Innovation Awards 2024- Nominated

Concept and objectives:

Wallester is a leading financial service provider recognized as a Visa Principal member, empowering businesses to establish their own customised card programs and payment infrastructure. The company operates under an Estonian FSA Payment licence from its offices in Tallinn, Estonia, and Valbonne, France. Wallester's prior products, Wallester White-Label and Wallester Business, embody innovation and efficiency in financial technology.

Wallester White-Label is a turnkey payment solution that enables businesses to create their branded Visa card programs and mobile apps. The primary objectives of this solution are to empower businesses to enhance customer engagement, generate new revenue streams, streamline financial operations, and democratise access to advanced financial technologies. This product allows companies to offer customised financial products to their customers, enhancing user satisfaction and loyalty.

Wallester Business is a comprehensive financial management platform offering tools for issuing virtual and physical Visa cards, real-time transaction monitoring, and expense tracking. The main objectives of Wallester Business are to provide companies with advanced financial tools, reduce operational costs, facilitate global business operations, and innovate payroll solutions. This platform is designed to simplify corporate expense management and streamline financial operations, making it an essential tool for businesses of all sizes.

Reasons behind:

Wallester White-Label was developed in response to the growing need for flexible and scalable payment solutions that allow businesses to maintain competitive advantages and customer loyalty. Companies across various sectors require reliable financial tools that can be customised to meet specific business needs. Wallester Business was created to address the needs of companies for cost-effective, efficient, and scalable financial management solutions. These businesses need comprehensive tools that can optimise their operations, reduce costs, and support their growth in international markets.

State of competition:

The fintech industry is highly competitive, with numerous players offering payment and financial management solutions. Wallester is leading the charge in integrating innovative technologies to reshape the payment industry. As a distinguished Visa Principal Member and one of Europe's top Visa enablers, Wallester leads the industry with offerings like BIN sponsorship, Visa token services, and 3DS security enhancements. These solutions are designed to meet the varied demands of global businesses, supporting multiple currencies and interchange sharing options.

Strategic collaborations have been key to Wallester's success in innovation. For example, the KuCard, developed with KuCoin under the Wallester White-Label, streamlines the exchange of fiat to digital currencies, improving the cryptocurrency transaction experience throughout Europe. Additionally, Wallester launched an automated split billing system in partnership with Cino, featuring a user-friendly app that was notably recognized at Latitude's influential startup event. Striving to expand our presence in the global fintech market, we have obtained a cross-border activity licence for entry into the UK market.

Wallester's dedication to advancement is further demonstrated through the proactive initiatives. We offer competitively priced Wallester White-Label services to enhance business accessibility. The company's team, over half of which are IT specialists, prioritises agile product development and quick feature rollouts. The open API architecture enables smooth integration and promotes collaborative growth with partners.

Sources of inspiration:

Wallester drew inspiration from the growing demand for customised financial solutions and the need for streamlined corporate financial management tools. The company leveraged insights from existing partnerships, market research, and industry trends to develop products that meet the evolving needs of businesses and consumers.

Departments involved:

The development and implementation of Wallester White-Label and Wallester Business involved multiple departments within the company, including Product Development, IT and Engineering, Compliance and Risk Management, Customer Support, and Sales and Marketing. Collaboration across these departments ensured that the products were designed and launched effectively, meeting high standards of quality and performance.

Training sessions, workshops, and access to online courses help staff stay ahead of industry trends. Additionally, he has implemented initiatives to promote diversity and inclusion, creating a dynamic and supportive workplace that aligns with Wallester's mission to deliver cutting-edge financial solutions.

Main results so far:

Since their launch, Wallester White-Label and Wallester Business have achieved significant results. These include rapid client acquisition, substantial revenue growth, high levels of customer satisfaction, and positive feedback. Wallester has also successfully implemented large-scale projects and strategic partnerships, further establishing its reputation as a leading fintech provider.

Wallester's innovative solutions have led to significant revenue growth, with the company's revenue more than doubling since the introduction of Wallester White-Label and Wallester Business. The rapid expansion of the client base, from 600 to over 3,500 companies across 37 countries, demonstrates the wide adoption and effectiveness of Wallester's products. Payment processing through Wallester Business has seen a 400% increase in euro value and an 80% increase in transaction numbers, indicating higher platform utilisation and client engagement. The elimination of top-up fees for euros and zero transaction fees in multiple currencies has also contributed to operational efficiency and cost savings for clients.