Estonian-founded Wallester secures FCA licence for UK entity, marking key step in European expansion strategy

Regulatory milestone strengthens Wallester’s position in European fintech infrastructure and supports the group’s international expansion from Estonia into the United Kingdom

Wallester UK, the British entity of Estonian fintech company Wallester, has been authorised by the UK Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), marking a key step in the group’s international expansion strategy.

The authorisation provides a regulated foundation for Wallester UK to develop its infrastructure offering and support businesses operating in the UK market.

Expanding beyond its Estonian base

In the UK, Wallester will expand its embedded finance and payment infrastructure offering for SMEs and enterprise clients, supporting demand for integrated solutions that combine card issuing, payments and expense management within a single platform.

The authorisation of the UK company follows a period of strong growth for Wallester across Europe. Earlier this year, the company was named the fastest-growing fintech in Europe in the FT1000: Europe's Fastest Growing Companies ranking published by the Financial Times and Statista, having achieved a compound annual growth rate of 178.9% during the assessment period.

UK operations and leadership

Wallester UK is headquartered at Hanover Square in London and is led by CEO Julian Brand and CRO Anna Maxim, alongside senior executives including Paul Munson (Chief Compliance Officer & MLRO), Adam George (Head of Operations, Resilience and Outsourcing) and Karine Martinez (Head of Strategic Partnerships).

In the UK market, Wallester will focus on two core product areas:

- Wallester Business – a corporate expense management platform designed for companies of all sizes.

- Wallester White-Label – a turn-key card issuing and embedded finance solution enabling regulated partners and corporate brands to offer tailored card programmes to their customers.

Both are powered by Wallester’s in-house, cloud-native processing platform built on AWS, designed for scalability, flexibility and operational resilience.

Compliance-led growth strategy

Wallester’s UK expansion is based on its “Excellence of Execution” approach, prioritising regulatory alignment, infrastructure quality and long-term operational resilience over rapid market entry.

The company views trust as a central driver in financial services adoption.

Julian Brand, CEO of Wallester UK, said:

“Despite the fundamental revolution we are seeing in financial services, one thing remains supreme: Trust. Services are, by definition, about helping people and businesses store and use their money. Because of this, trust is the most important factor. We invested heavily in setting up a strong business in the UK because we didn’t just want the FCA to grant a licence; we wanted them to see a business fundamentally committed to helping UK companies in a highly compliant and responsible manner, sharing the goal of fostering innovative, secure, and resilient financial solutions for the UK market."

Group perspective

Sergei Astafjev, CEO of Wallester Group, said the authorisation reflects the company’s long-term international trajectory from Estonia into major financial hubs:

“This is more than just a regulatory milestone; it is proof that our dedication to doing things the right way pays off. The UK licence is the next step in extending our infrastructure footprint into one of the world’s most important financial markets. We are thrilled to bring Wallester Business and our resilient, secure White-Label solutions to this market alongside our partners at Visa, AWS, and Banking Circle."

Looking ahead

The FCA authorisation was shared during Money20/20 Europe in Amsterdam, which took place on 2 - 4 June, where Wallester engaged with partners and industry stakeholders to discuss its UK strategy and broader infrastructure roadmap.

The company will continue to expand its UK operations in line with regulatory requirements and market demand, with a focus on delivering secure, scalable and compliant financial infrastructure for businesses operating across borders.