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.

The cloud banking software provider has secured $51.8m in a Salesforce Ventures-led round that will support product development.

New Hope Group has led a series B round for Meiliche, the automotive finance spinout of online lender Meili, which included financial management platform Wacai.

The Native has invested about $9m in online auction operator Paddle8 and has an option to increase its stake from 15% to 51% if it chooses.

The data engineering software provider has received capital in a round that included returning investor Nex Euclid Opportunities.