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

Friday 22 April 2022 10:58 am

Chinese tech large Tencent has snapped up a stake in London organization finance agency Previse as it accelerates its push into Uk fintech.

The £10m Series B funding round, led by Tencent, will benefit the firm at about £65m, Sky Information first noted.

The clean funding for Previse follows a spate of investment into British isles tech corporations which include backing digital financial institution Monzo in a December $100m ‘top-up’ spherical that valued the firm at $4.5bn.

Final month Tencent led a £136m round into London corporate credit history card startup Jeeves and has a short while ago backed Bristol-dependent business Ultraleap, which employs ultrasound to simulate contact.

Previse, run by founder Paul Christensen specialises in automatic bill processing and boasts a host of significant identify backers like MasterCard, Hambro Benefits and shown fintech trader Augmentum Fintech.

Christensen not long ago criticised British isles loan companies for obstructing accessibility to finance in a letter to Metropolis A.M., professing that processes from banking institutions have been “clunky” and outdated.

“The designs and methods made use of by banking institutions have not improved for a long time,” he claimed. “This is the age of embedded finance – finance must be integrated into primary business enterprise procedures.”

Christensen identified as on government to “put its revenue in which its mouth is”  and develop tech-led remedies for firms to obtain money in purchase for Britain to cement its position as a world wide tech hub.

Previse did not react to ask for for comment.