October 7, 2022

mindbodybusiness

The Business Effect

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

A brand of China Web big Tencent Holdings is viewed all through the announcement of the company’s fourth-quarter effects in Hong Kong on March 18, 2015. Tencent stated its internet income was up 54 p.c at 3.82 billion USD (23.81 billion yuan) in 2014 assisted by “rapid development” of mobile gaming and social networking. AFP Photo / Philippe Lopez (Image credit must browse PHILIPPE LOPEZ/AFP/Getty Pictures)

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

The £10m Collection B funding spherical, led by Tencent, will value the agency at all over £65m, Sky News initial reported.

The fresh new funding for Previse follows a spate of financial investment into British isles tech companies like backing electronic loan provider Monzo in a December $100m ‘top-up’ round that valued the firm at $4.5bn.

Past thirty day period Tencent led a £136m spherical into London company credit history card startup Jeeves and has a short while ago backed Bristol-primarily based agency Ultraleap, which works by using ultrasound to simulate touch.

Previse, operate by founder Paul Christensen specialises in automatic invoice processing and offers a host of big identify backers including MasterCard, Hambro Perks and mentioned fintech trader Augmentum Fintech.

Christensen not too long ago criticised Uk lenders for obstructing access to finance in a letter to Metropolis A.M., professing that strategies from financial institutions ended up “clunky” and outdated.

“The versions and strategies utilised by financial institutions have not transformed for a long time,” he claimed. “This is the age of embedded finance – finance really should be integrated into primary company processes.”

Christensen named on govt to “put its dollars exactly where its mouth is”  and build tech-led methods for companies to entry capital in buy for Britain to cement its standing as a world tech hub.

Previse did not respond to request for comment.