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TPO was founded by Andrew Rosenfeld, the Labour donor, two years ago and won the backing of Mr Wales earlier this year. Mr Wales owns 10pc of the company and also serves as executive director of strategy and digital community.

The service has signed up more than 10,000 members in the UK and has doubled since June. It operates using EEs phone network.

TPO plans to expand into the US early next year and has agreed a deal with Sprint to use its network.

Mr Rosenfeld is chairman of TPO and owns the majority of the shares, while Mark Epstein, the co-founder of campaign agency Mass1, is chief executive.

The management team intend to maintain a majority shareholding in the company following the IPO. As well as donating 10pc of customers monthly bills to charity, TPO will donate a quarter of its trading profits to the TPO Foundation.

In an interview with The Telegraph, Mr Wales said: The business has mainly been testing but now it is up-and-running in the UK and we have signed a deal in America so we want to go big there. It is the right time to put the pedal to the metal. Its a good time to raise money.

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