According to information I have received from Quicko, following a decision by the Polish Financial Supervision Authority, foreign institutions have taken over approximately 450,000 cards previously managed by the company. These are said to include the British fintech firm Wirex and the Estonian company Wallester.

I would like to remind you that the Polish Financial Supervision Authority (KNF) decided to revoke Quicko’s licence as a domestic payment institution at the start of 2026. ‘The company does not ensure prudent and stable management of its payment services operations, and therefore the grounds exist for revoking its authorisation to provide payment services as a national payment institution,’ the KNF said in its announcement. Subsequently, Quicko was also placed on the sanctions list drawn up in connection with Russia’s aggression against Ukraine.

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Among the actual reasons cited for Quicko’s difficulties were, amongst other things, serving customers from Russia – including through the use of cryptocurrencies – and the fact that the company owned a subsidiary registered in Moscow. During the summer of 2026, the regulator decided to revoke the licence of another company linked to Quicko, namely Fenige. According to unofficial reports, this company may also be added to the sanctions list.

Quicko’s representatives argue that the Russian company has not carried out any operational activities for a long time, does not serve customers, nor does it generate revenue. It was due to have been wound up some time ago, but due to an oversight, the process was not completed, which is why it still appears in the registers.

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Quicko was due to process a total of around 450,000 cards, which generated a daily turnover of around 10 million euros. The company emphasises that, of these, only 44 cards were held by Russians who were legally resident in the European Union. As a result of the Polish Financial Supervision Authority’s decision, 200 people previously employed by Quicko and Fenige were set to lose their jobs.