The payment processing software provider has completed a Mastercard-backed round that took its overall financing to more than $180m.

Coiney, which is backed by Dentsu, CyberAgent and SBI, is set to merge with Stores.jp and form a payment technology company called Hey.

The purchase data analytics platform, which is backed by Aimia and Fidelity Information Services, had raised almost $210m in venture financing.

Corporate venturing units Sistema Asia Fund and Bertelsmann India Investments took part in the round's $10.5m first close in September last year.

Alibaba's financial services affiliate is reportedly targeting a valuation of $80bn to $100bn for the round, which could precede an initial public offering.

The round follows a $2m Hiscox-backed seed round for the insurance digitalisation startup in 2016, and will be used for product development.

The insurance and financial services group has supplied $30m in funding for impact investment platform Swell Investing, which has $16m under management.

Sony Innovation Fund was among the strategic investors that backed the equity portion of the round, secured alongside more than $27m in debt.