Cardlytics, a US-based developer of payment-linked marketing technology backed by investors including energy utility ITC Holdings, closed a $70m series F round yesterday led by hedge fund Discovery Partners.
The company has partnered with almost 400 banks to target advertisements to millions of customers based on their recent credit or debit card purchases. It will use the funding to expand its capabilities as it seeks to keep growing.
Lynn Laube, president of Cardlytics, told the Wall Street Journal yesterday the company intends to go public in the next 18 months.
Cardlytics has now raised $170m in total, including $18m from a 2010 series B round featuring ITC, Canaan Partners, Polaris Venture Partners, TTV Capital and Kinetic Ventures.
The investors in Cardlytics’ subsequent rounds have not been publicly disclosed, but the company has generally stated that its more recent funding has been supplied by its existing investors.