Chinese tech big Tencent has snapped up a stake in London business enterprise finance firm Previse as it accelerates its drive into United kingdom fintech.
The £10m Series B funding spherical, led by Tencent, will benefit the business at all-around £65m, Sky Information 1st reported.
The clean funding for Previse follows a spate of expense into United kingdom tech corporations which include backing digital loan company Monzo in a December $100m ‘top-up’ round that valued the company at $4.5bn.
Past month Tencent led a £136m spherical into London corporate credit score card startup Jeeves and has just lately backed Bristol-based company Ultraleap, which makes use of ultrasound to simulate touch.
Previse, run by founder Paul Christensen specialises in automatic invoice processing and features a host of major title backers which includes MasterCard, Hambro Benefits and mentioned fintech investor Augmentum Fintech.
Christensen just lately criticised Uk creditors for obstructing entry to finance in a letter to Town A.M., claiming that treatments from banks ended up “clunky” and outdated.
“The products and methods made use of by financial institutions have not adjusted for decades,” he said. “This is the age of embedded finance – finance really should be built-in into standard organization processes.”
Christensen named on authorities to “put its revenue exactly where its mouth is” and make tech-led answers for firms to accessibility funds in get for Britain to cement its standing as a world-wide tech hub.
Previse did not react to ask for for remark.