The takeover almost doubles Mollie’s size, bringing its total customer base to around 350,000. GoCardless focuses on direct bank transfers and recurring payments such as subscriptions and direct debits, while Mollie is primarily an intermediary between consumers and retailers.

Mollie chief executive Koen Köppen said the differences between the two companies were a strength. “Developing these products is intensive. This helps us take rapid steps in an area where we were lagging behind. We are complementary,” he told the FD.

Köppen said it was too early to talk about synergies or job losses. “With processes like this there are always overlapping roles. We are focused on growth and expect to hire more people rather than fewer,” he told the paper.

The deal had been the subject of speculation in the fintech sector for months and involved tough negotiations with shareholders on both sides, the FD said. Köppen confirmed there had been debate among investors, but said the agreement showed “everyone is now aligned”.

Mollie will remain headquartered in Amsterdam and continue to fall under the supervision of the Dutch central bank, while GoCardless will be overseen by the UK regulator. Staff were informed of the deal on Thursday, which still requires regulatory approval.