The payment-linked marketing firm has now raised a total of $170m and begun preparations for an initial public offering that will take place in the next 18 months.

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…