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

Chinese tech huge Tencent has snapped up a stake in London business finance business Previse as it accelerates its press into British isles fintech.

The £10m Sequence B funding round, led by Tencent, will worth the company at close to £65m, Sky News 1st noted.

The fresh funding for Previse follows a spate of financial commitment into British isles tech firms including backing electronic loan company Monzo in a December $100m ‘top-up’ round that valued the agency at $4.5bn.

Previous thirty day period Tencent led a £136m round into London corporate credit rating card startup Jeeves and has lately backed Bristol-primarily based business Ultraleap, which works by using ultrasound to simulate contact.

Previse, run by founder Paul Christensen specialises in automated bill processing and boasts a host of significant name backers like MasterCard, Hambro Perks and stated fintech trader Augmentum Fintech.

Christensen not long ago criticised Uk creditors for obstructing entry to finance in a letter to Metropolis A.M., claiming that techniques from banking companies were being “clunky” and out-of-date.

“The types and strategies utilized by banking companies have not altered for many years,” he said. “This is the age of embedded finance – finance need to be built-in into primary organization procedures.”

Christensen termed on government to “put its dollars exactly where its mouth is”  and build tech-led answers for firms to entry cash in buy for Britain to cement its status as a global tech hub.

Previse did not react to ask for for comment.