Mr Schindler, joins the fintech after a series of successful Scottish trials of the app which empowers employees to access interest-free monthly advances.

As managing director of commercial banking at Metro Bank, he was a key part of the senior leadership team who launched the UK’s first new high street bank for 150 years. He also served as head of corporate at HBOS and held senior roles at Barclays Bank.

Mr Schindler said: “I am delighted to be joining Karma at a key stage in its growth. I was impressed not just by the business model and technology, but with the altruistic vision and values of a highly-motivated team.

“It offers a technologically-driven solution to ending the cycle of debt that causes so much pain and, I believe, will disrupt the short-term consumer loan market.”

Minck Hermans, CEO of Karma, added: “We are delighted to welcome Darren to the Karma family. He has a wealth of experience at the very top level of UK business and an outstanding track record of driving growth and value.”