Mueller is set to become CEO of Paysafecard group after co-founder and CEO of nine years Michael Mueller stepped down at the end of February.

Michael Mueller and Dr. Armin Sageder established the prepaid solutions firm in 2000. After 14 years spent building a company that now enables one billion people in 37 countries to pay online without a credit card or bank account, Mueller said the decision to leave "has not been an easy one".

He continued: "The company is now entering a new chapter in its history, at a time where growth in online payments and new technologies are having a profound impact on what businesses and consumers require when it comes to online transactions."

Paysafecard, who were acquired by Skrill Group in 2013, will continue with plans to expand their geographical market and product portfolio in the year to come.

Siegfried Heimgaertner, CEO of Skrill Group and chairman of the Paysafecard group supervisory board is confident the change won't affect the company's position as "Europe's most popular prepaid solution for online transactions".

He said: "The continuity on the board of Paysafecard ensures that the company's success story will continue, based on ongoing innovation, a deep understanding of the needs of both consumers and merchants and expertly supported by a great product and a strong, experienced team."

Emma Rumney