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

A emblem of China Online giant Tencent Holdings is found during the announcement of the company’s fourth-quarter success in Hong Kong on March 18, 2015. Tencent explained its net financial gain was up 54 p.c at 3.82 billion USD (23.81 billion yuan) in 2014 assisted by “rapid development” of cell gaming and social networking. AFP Photo / Philippe Lopez (Photo credit history need to go through PHILIPPE LOPEZ/AFP/Getty Images)

Chinese tech big Tencent has snapped up a stake in London company finance agency Previse as it accelerates its thrust into British isles fintech.

The £10m Series B funding spherical, led by Tencent, will price the business at around £65m, Sky Information initial described.

The refreshing funding for Previse follows a spate of expenditure into Uk tech firms like backing digital loan provider Monzo in a December $100m ‘top-up’ round that valued the business at $4.5bn.

Past month Tencent led a £136m spherical into London corporate credit history card startup Jeeves and has not long ago backed Bristol-primarily based business Ultraleap, which works by using ultrasound to simulate touch.

Previse, run by founder Paul Christensen specialises in automated invoice processing and boasts a host of big title backers such as MasterCard, Hambro Benefits and outlined fintech trader Augmentum Fintech.

Christensen lately criticised Uk lenders for obstructing accessibility to finance in a letter to Metropolis A.M., proclaiming that methods from banks ended up “clunky” and outdated.

“The types and treatments made use of by banks haven’t improved for many years,” he explained. “This is the age of embedded finance – finance should be built-in into standard organization procedures.”

Christensen identified as on government to “put its money where by its mouth is”  and make tech-led alternatives for corporations to access capital in get for Britain to cement its status as a world-wide tech hub.

Previse did not answer to request for remark.