Chinese tech giant Tencent snaps up stake in business finance firm Previse

Friday 22 April 2022 10:58 am

Chinese tech huge Tencent has snapped up a stake in London company finance business Previse as it accelerates its drive into United kingdom fintech.

The £10m Sequence B funding round, led by Tencent, will value the firm at all over £65m, Sky News initially claimed.

The new funding for Previse follows a spate of expenditure into British isles tech companies together with backing electronic loan provider Monzo in a December $100m ‘top-up’ round that valued the company at $4.5bn.

Previous thirty day period Tencent led a £136m round into London company credit card startup Jeeves and has not too long ago backed Bristol-based mostly agency Ultraleap, which takes advantage of ultrasound to simulate contact.

Previse, operate by founder Paul Christensen specialises in automatic bill processing and features a host of big name backers including MasterCard, Hambro Perks and shown fintech investor Augmentum Fintech.

Christensen recently criticised British isles loan providers for obstructing accessibility to finance in a letter to Metropolis A.M., saying that treatments from banking companies were being “clunky” and outdated.

“The styles and procedures utilized by financial institutions haven’t improved for decades,” he explained. “This is the age of embedded finance – finance really should be integrated into essential enterprise procedures.”

Christensen identified as on govt to “put its dollars in which its mouth is”  and make tech-led answers for companies to obtain funds in get for Britain to cement its standing as a international tech hub.

Previse did not answer to request for comment.