diff --git a/lnbits/app.py b/lnbits/app.py
index 78420feda..0e13a67d0 100644
--- a/lnbits/app.py
+++ b/lnbits/app.py
@@ -15,7 +15,12 @@ from fastapi.staticfiles import StaticFiles
 from loguru import logger
 
 from lnbits.core.tasks import register_task_listeners
-from lnbits.settings import check_admin_settings, get_wallet_class, settings
+from lnbits.settings import (
+    check_admin_settings,
+    get_wallet_class,
+    set_wallet_class,
+    settings,
+)
 
 from .commands import migrate_databases
 from .core import core_app
@@ -144,7 +149,10 @@ def register_startup(app: FastAPI):
 
         log_server_info()
 
-        # 3. initialize funding source
+        # 3. initialize WALLET
+        set_wallet_class()
+
+        # 4. initialize funding source
         await check_funding_source()
 
 
diff --git a/lnbits/settings.py b/lnbits/settings.py
index 1d05b882d..4fd3f9716 100644
--- a/lnbits/settings.py
+++ b/lnbits/settings.py
@@ -251,10 +251,20 @@ async def check_admin_settings():
 wallets_module = importlib.import_module("lnbits.wallets")
 FAKE_WALLET = getattr(wallets_module, "FakeWallet")()
 
+# initialize as fake wallet
+WALLET = FAKE_WALLET
+
+
+# set wallet class after settings are loaded
+def set_wallet_class():
+    wallet_class = getattr(wallets_module, settings.lnbits_backend_wallet_class)
+    global WALLET
+    WALLET = wallet_class()
+
 
 def get_wallet_class():
-    wallet_class = getattr(wallets_module, settings.lnbits_backend_wallet_class)
-    return wallet_class()
+    # wallet_class = getattr(wallets_module, settings.lnbits_backend_wallet_class)
+    return WALLET
 
 
 def send_admin_user_to_saas():
diff --git a/tests/mocks.py b/tests/mocks.py
index f2fb9818e..8d1f04e05 100644
--- a/tests/mocks.py
+++ b/tests/mocks.py
@@ -1,13 +1,11 @@
 from mock import AsyncMock
 
 from lnbits import bolt11
-from lnbits.settings import get_wallet_class
 from lnbits.wallets.base import PaymentResponse, PaymentStatus, StatusResponse
 from lnbits.wallets.fake import FakeWallet
 
-from .helpers import get_random_string, is_fake
+from .helpers import WALLET, get_random_string, is_fake
 
-WALLET = get_wallet_class()
 
 # generates an invoice with FakeWallet
 async def generate_mock_invoice(**x):