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

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to finance in a letter to Metropolis A.M., professing that strategies from financial institutions ended up “clunky” and outdated.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.