Anglo-Dutch investors Chairman Financial said it has an exclusivity agreement to purchase 100 per cent of the company, in addition to certain assets of its parent company, Orwell Group Holdings.

Final agreements are scheduled for this month, subject to approval by the Financial Conduct Authority, though terms have not been disclosed.

The company was launched by a former Goldman Sachs employee in 2015. It offers a card and app that allows users to manage bank accounts in different countries and undertake multicurrency and international transfers in real time.

The FCA told Ipagoo in July to “refrain from conducting any authorised activities”, which meant customers were frozen out of their accounts. The firm thereafter entered administration.

The decision has not been explained by the FCA. A representative for Carlos Sanchez, the firm’s founder, told the Financial Times it was possibly under-capitalised after an investor failed to provide funds following a funding round.