Ixaris has developed software under the EntroPay brand, which enables users to make small payments over the web without revealing their credit card number.

The software has great appeal, especially to online gambling firms, as a means of preventing card fraud. In fact betting giant Ladbrokes recently started using the system, generating significant revenues of over £100,000 monthly for Ixaris.

At present, Oxford Technology 3 VCT, managed by Lucius Cary of Seed Capital, has a 13 per cent stake in the business, currently valued at £6.9 million. Technology specialist Foresight, which runs several trusts, may invest in this round, ahead of a possible float.