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

Chinese tech big Tencent has snapped up a stake in London business enterprise finance firm Previse as it accelerates its push into Uk fintech.

The £10m Series B funding spherical, led by Tencent, will worth the business at around £65m, Sky Information very first documented.

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

Very last thirty day period Tencent led a £136m spherical into London company credit rating card startup Jeeves and has not long ago backed Bristol-dependent business Ultraleap, which utilizes ultrasound to simulate touch.

Previse, run by founder Paul Christensen specialises in automatic bill processing and boasts a host of big title backers including MasterCard, Hambro Benefits and listed fintech investor Augmentum Fintech.

Christensen a short while ago criticised British isles creditors for obstructing access to finance in a letter to Metropolis A.M., saying that procedures from banking institutions ended up “clunky” and outdated.

“The types and methods applied by banks have not transformed for a long time,” he explained. “This is the age of embedded finance – finance should be integrated into simple enterprise procedures.”

Christensen known as on federal government to “put its income exactly where its mouth is”  and create tech-led alternatives for firms to obtain cash in purchase for Britain to cement its status as a global tech hub.

Previse did not reply to ask for for remark.