Chinese tech huge Tencent has snapped up a stake in London company finance business Previse as it accelerates its press into United kingdom fintech.
The £10m Series B funding round, led by Tencent, will price the company at about £65m, Sky Information first reported.
The clean funding for Previse follows a spate of expense into Uk tech firms like backing digital lender Monzo in a December $100m ‘top-up’ spherical that valued the company at $4.5bn.
Very last month Tencent led a £136m round into London company credit history card startup Jeeves and has not too long ago backed Bristol-based mostly agency Ultraleap, which takes advantage of ultrasound to simulate touch.
Previse, operate by founder Paul Christensen specialises in automatic bill processing and boasts a host of significant identify backers like MasterCard, Hambro Benefits and outlined fintech investor Augmentum Fintech.
Christensen just lately criticised Uk creditors for obstructing obtain to finance in a letter to Town A.M., declaring that techniques from banking institutions had been “clunky” and outdated.
“The styles and methods made use of by banks haven’t improved for many years,” he explained. “This is the age of embedded finance – finance really should be built-in into simple business processes.”
Christensen termed on authorities to “put its dollars the place its mouth is” and create tech-led answers for corporations to obtain funds in buy for Britain to cement its standing as a world tech hub.
Previse did not react to request for comment.