We advised Estonian payment service provider Wallester in submitting an application to the Estonian Financial Supervision and Resolution Authority (Estonian FSA) to provide services cross-border in all EU and EEA states.

Unique business model

Wallester has a unique business model, being a licensed white label VISA Card issuer and the payment provider specialising in offering transaction processing services in an “all-in-one” model. Wallester, as the gateway to the world of VISA Cards to its clients, also has an innovative ecosystem that offers payment solutions, requisite compliance maintenance, and infrastructure support.

Our services and client team

We informed the Estonian FSA of Wallesters’ intention to acquire a license in all EU and EEA countries in order to provide their services cross-border. Our team was also tasked with drafting, completing and submitting necessary information and documents required by law to Estonian FSA.

As the application to provide services all over Europe was unique for both us and the Estonian FSA, the process was very complex. Our team was able to successfully resolve all questions and Wallester received their cross-border licence in April 2021.

Our client team was led by senior associate Monika Tomberg, and included counsel Jane Eespõld and associate Kamilla Alma Vilderson.