Virgin Hyperloop One has hired Transport for London’s former finance boss as its new chief executive, less than a month after Sir Richard Branson stepped down as the company’s chairman.

Jay Walder, who was TfL's managing director for finance and planning, has replaced former Cisco executive Rob Lloyd, who ran Virgin Hyperloop One for three years.

The company hopes to revolutionise transport by transporting passengers through air-sealed tunnels at more than 700mph.

Mr Walder worked for TfL between 2001 and 2007, during which he helped oversee the introduction of the Oyster Card.

He has also worked for transport authorities in New York and Hong Kong, before leaving in 2014 to run Motivate, the company that operates bike-sharing schemes in several US cities.