Sky News has learnt that Bob Wigley, who chairs the main banking sector lobbying group, UK Finance, is stepping down as chairman of Loyalty Angels, which trades under the name Bink.

Mr Wigley's exit after six years at Bink comes as it aims to close a £2.8m funding round that will provide it with sufficient cash to continue operating until February.

The company recently told shareholders that it is in talks with external investors about funding the company beyond that point.

Bink operates as an app which enables consumers to ditch their plastic loyalty cards and has struck partnerships with retailers including Iceland and Harvey Nichols.

Its backers include Barclays and Lloyds Banking Group - two of UK Finance's most important members.

A former Merrill Lynch banker, Mr Wigley has been a ubiquitous City figure in recent decades, having close ties with Boris Johnson while the latter was mayor of London.

He has also chaired companies including Yell, the then publisher of the Yellow Pages directory.

According to a shareholder update this week, Mr Wigley informed Bink that "he believes the time is right for someone with a more retail related skill and contact set to take the Company through its next stage of development".

One source said the company's funding position was unlikely to mean there was significant value in the equity for long-standing shareholders.

John Dennis, a former Barclays executive who already serves as a non-executive director of Bink, has agreed to become interim chairman, with a longer-term successor to Mr Wigley expected to be appointed in early 2023, the company told investors.

Mr Wigley did not respond to a request for comment on Wednesday.