A logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS/Tingshu Wang
Dec 31 (Reuters) – Chinese gaming and social media company Tencent Holdings Ltd (0700.HK) has taken a small stake in Britain’s Monzo as part of a fundraising, the digital bank said on Friday, just weeks after it fetched a valuation of $4.5 billion.
Monzo did not disclose details of Tencent’s stake, but Sky News earlier on Friday reported that the Chinese firm was investing a minority of a $100 million capital injection, citing a source close to the process.
Tencent did not immediately respond to a Reuters request for comment.
Founded in 2015, Monzo is a high-profile neobank with more than 5 million customers but has struggled to turn a profit, with annual losses widening last year as it disclosed it was facing a potential civil and criminal money laundering probe. read more
Earlier this month, Monzo received funding from investors such as Abu Dhabi Growth Fund and Coatue.
Tencent holds stakes in major U.S. tech companies, including electric-car maker Tesla Inc (TSLA.O) and photo-messaging app maker Snap Inc (SNAP.N).Reporting by Priyanshi Mandhan in Bengaluru
Our Standards: The Thomson Reuters Trust Principles.
This article was originally published by Reuters.
Nationwide transformation drive positions the country as a regional leader in smart government Qatar is…
Labour laws offer strong safeguards, but companies weigh cost pressures and restructuring options As geopolitical…
Market registers 36,658 residential tenancy contracts worth AED3.16 billion as rents show YoY increases Dubai,…
fäm Properties analysis shows city’s 4-year pipeline 71.45% committed, as absorption rate leaves major global…
FIA President H.E. Mohammed Ben Sulayem highlights key challenges and opportunities shaping motorsport and mobility…
Basra officials say output can rebound within days as Hormuz disruption continues to weigh on…