Chinese tech huge Tencent has snapped up a stake in London enterprise finance agency Previse as it accelerates its press into British isles fintech.
The £10m Sequence B funding round, led by Tencent, will benefit the company at about £65m, Sky Information initially reported.
The fresh new funding for Previse follows a spate of investment decision into Uk tech firms including backing digital loan provider Monzo in a December $100m ‘top-up’ spherical that valued the firm at $4.5bn.
Very last month Tencent led a £136m round into London company credit card startup Jeeves and has not too long ago backed Bristol-dependent firm Ultraleap, which works by using ultrasound to simulate touch.
Previse, operate by founder Paul Christensen specialises in automatic bill processing and offers a host of big name backers such as MasterCard, Hambro Benefits and listed fintech investor Augmentum Fintech.
Christensen not long ago criticised Uk creditors for obstructing accessibility to finance in a letter to Metropolis A.M., boasting that strategies from banking institutions have been “clunky” and outdated.
“The models and processes utilized by banking institutions have not transformed for a long time,” he claimed. “This is the age of embedded finance – finance should really be built-in into primary small business procedures.”
Christensen identified as on authorities to “put its funds where its mouth is” and generate tech-led alternatives for firms to access capital in buy for Britain to cement its position as a world wide tech hub.
Previse did not answer to request for remark.