China’s Tencent builds stake in UK digital bank Monzo

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.

Global Business Magazine

Recent Posts

Dubai real estate remains on track for rental record while primary market sales continue to set pace

Dubai South leads off-plan sales for seventh consecutive month Dubai, UAE, 6th October, 2026: The…

43 minutes ago

Middle East stocks: making sense of a dynamic marketplace

The Gulf’s stock markets were tested this year, and they held. That is the real…

16 hours ago

Paraguayan President Santiago Peña and FIA President Mohammed Ben Sulayem celebrate the start of a new era of rallying in Encarnación

Dubai, UAE, 30th August, 2026: The President of Paraguay, H.E. Santiago Peña, joined FIA President…

2 weeks ago

Argentinian President Javier Milei and FIA President Mohammed Ben Sulayem open FIA American Congress in Buenos Aires

During their meeting, the two Presidents discussed the future of mobility and motorsport in Argentina…

2 weeks ago

FIA President Mohammed Ben Sulayem makes renewed call for end to online abuse of race stewards ahead of F1 Italian Grand Prix

Founder of UAOA campaign says Monza shows all that is best about Formula One and…

2 weeks ago

DUBAI FREEHOLD RENTAL PACE CONTINUES TOWARDS NEW RECORD

Dubai, UAE, 10th September, 2026: The pace of new and renewed rental contracts recorded in…

2 weeks ago