A START-up believed to have created the world's app for sharing contact information has revealed it is in talks with Silicon Valley-based venture capitalists which could lead to a multi-million pound investment being made in the company.

Nameloop was launched in October by entrepreneur John Wilmot and technology expert Craig Bartholomew, broadly aiming to do for contact sharing what Facebook does for social lives and LinkedIn for professional networking.

The company, based at the Entrepreneurial Spark "hatchery" in Glasgow, has already attracted personal users in 24 countries, enjoying growth in the region of 30 to 40 per cent a month.

Now it is poised to launch its service into the business world, with Mr Wilmot revealing he has held talks with a major high street bank interested in using its application.

That expansion will depend on the outcome of talks with financiers. Mr Wilmot said Nameloop is looking raise up to $7.5 million from Californian-based venture capitalists in return for an equity stake in the business. The funding will be used to facilitate Nameloop's move into connecting people with businesses, develop its technology further and take on staff.

Mr Wilmot, who has successfully launched and exit two businesses, said: "We have an opportunity here to grow Nameloop to become the way people share contact information with each other, and with companies.

"We're connecting the world at a contact information level, and ultimately a data level - the potential value generation created is huge and that has already started to attract some attention from top tier, Silicon Valley-based venture capital firms."

Mr Wilmot said businesses such as banks could potentially make major savings by using Nameloop instead of current means for keeping track of customers.

Such organisations face significant costs in keeping details up to date for the thousands of customers who move house each year.

Confirming that Nameloop has been in talks with one major high street bank about adopting its technology, he said: "The conversation was [around] some form of integration of the Nameloop app within the bank app, which would allow customers to update their address on Nameloop and push that out to not only their friends, [but] family and potentially business contacts.

"It is nice to see the appetite at the absolute highest level is there for something like this."

There are currently five full-time staff on the books at Nameloop, with its latest addition, an Android developer, a Californian who used to work for NASA. It aims to take its headcount to 15 this year if the funding comes through.

Based on software it has developed in house, the app allows users to ensure everyone they keep in touch with is kept up to date with their contact details.

People who are part of the user's loop are automatically informed if any of those details have changed. A simple illustration is the case of someone moving house - instead of redirecting post and informing family, friends and service providers that they have moved, they simply have to alter their details on Nameloop.

The app recently won a best use of technology prize at the Entrepreneuring Awards in Glasgow.

And the user remains firmly in control of their personal details by choosing how much of their information they wish to share. In addition, users can run multiple loops, ensuring they can keep different parts of their lives separate.

Mr Bartholomew emphasised the importance of security to Nameloop and also revealed the app would not target advertising at users based on their personal information.

The firm will make its revenue by selling the app to business, which will pay for an app that ultimately saves them money.

Mr Bartholomew said: "We can't say we care a lot about privacy and security and control, and then show you a targeted advert. How seriously do we take ourselves, if we are going to mine your data and work out what you like and don't like and show you stuff. It is not our concern."

But there are other revenue streams the entrepreneurs have identified for the technology, including creating a standardised checkout platform on e-commerce websites by incorporating Nameloop.

"It's just breaking down that long-winded checkout experience," Mr Wilmot said.

Mr Wilmot, who was recently appointed to the digital advisory board at accountancy body ICAS, has started and successfully exited two other companies to date. These include digital agency Bourne, which had offices in London and New York and clients such as Dell and Microsoft. It was acquired by Next Fifteen in 2011.

Mr Bartholomew has had a long career in software development, including a a spell as head of development at Cargo, designing e-commerce solutions for fashion retailers such as Reiss, Ted Baker and Gant.

As well as Mr Wilmot and Mr Bartholomew, two angel investors have backed Nameloop to date.