The Dublin software company Trintech has secured $20 million (£14.4 million) in private financing, which it described yesterday as the largest single investment in an Irish software company.

The firm, a leading supplier of secure electronic payment solutions, said the investment represented a massive vote of confidence by some of the technology world's most respected players.

The move may postpone a much-speculated upon flotation by Trintech on New York's Nasdaq. While the company's president, Mr Cyril McGuire, would not comment on this view, he said the financing round had been even more successful than he had imagined and had been oversubscribed by around 50 per cent.

"Nasdaq remains one of our options," Mr McGuire added. "I think we will do it when it makes sense for the company, its stockholders and its customers."

Trintech raised the cash in the banking and technology sectors; it includes a 5 per cent stake in the firm taken by Security Dynamics Technologies/RSA Data Security. Other investors were: BancAmerica Roberston Stephens and Hambrecht & Quist, both San Francisco-based investment banks specialising in technology; Bankers Trust Alex Brown, the Baltimore investment bank that lead managed the flotation of another Irish software company, CBT Systems; Harbour Vest, a Boston private investment firm; Pilgrim, Baxter & Associates, a subsidiary of United Asset Management specialising in high-tech investments; Loewenthal Capital, the California-based investment company that manages the private investments of Dr Hasso Plattner, the co-chairman of Germany's SAP; SCM Microsystems, a smartcard technology developer; and Tolmi LLC, the private investment company of Mr Jim Bidzos, chief executive of RSA Data Security and chairman of VeriSign.

The move still leaves 60 per cent of the company in the hands of its co-founders, Mr McGuire and his brother, John, who is Trintech's California-based chief executive. The new partners combined own 17 per cent, the employees 15 per cent, with Forbairt - which has backed the firm since the early 1990s - holding 8 per cent.

The company said yesterday it had increased revenues by more than 50 per cent each year since 1995, had no debt and $15 million cash on its balance sheet. It expects revenues this year of $24 million.