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.
FIA President Mohammed Ben Sulayem says new scholarship supports next generation by opening doors to…
Keturah founder says citywide focus on behaviour, design and daily experience raises the bar across…
Federation continues its financial transformation since election of H.E. Mohammed Ben Sulayem as President in…
The Dubai property market is resisting geopolitical instability by attracting foreign investors who have bypassed…
Record line-up of 14 manufacturers set for legendary race which has tested the limits of…
New tenancy contracts above AED1 million jump 27% in value over first five months of 2026…