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

FIA AND FOM CONFIRM THAT MALAYSIA WILL JOIN THE 2026 CALENDAR, AS HOST VENUE FOR THE BAHRAIN GRAND PRIX

Dubai, UAE, 26th July, 2026:  The Fédération Internationale de l'Automobile (FIA) and Formula One Management…

2 weeks ago

FIA President H.E. Mohammed Ben Sulayem meets with Hungarian Prime Minister Péter Magyar and Czech President Petr Pavel at Hungarian Grand Prix

Discussions focused on motorsport development, increased participation, road safety and the leadership of FIA Member…

2 weeks ago

FIA COMPLETES ‘DEAL OF THE CENTURY’ FOR FIA WORLD AND EUROPEAN RALLY CHAMPIONSHIPS

Following FIA approval, Cosmobilis, a French automotive technology platform and Park Square Capital, a leading…

2 weeks ago

Emaar leads the way as developers show Dubai real estate strength in depth

fäm Properties report reveals Azizi dominating affordable market in 2026 and topping overall sales transactions…

3 weeks ago

Iraq’s Banking Reforms Gain Pace as Baghdad Pushes for a More Digital Financial System

Iraq's banking sector is undergoing one of its most significant transformations in decades, with Baghdad…

3 weeks ago

DUBAI’S LUXURY MARKET IS BEING RESHAPED BY CAPITAL DISCIPLINE

By Talal M. Al Gaddah, CEO and Founder of the Keturah luxury brand Global luxury…

3 weeks ago