Tencent has invested in one of the UK’s most successful fintech banking startups Monzo, which has now secured a £3.3 billion valuation.
The Chinese tech giant Tencent has prolifically invested in Europe’s tech sector in recent months and has subscribed to shares as part of Monzo’s latest funding round.
Monzo adds Tencent amongst its list of already existing backers which include Coatue and the Abu Dhabi Growth Fund.
Tencent also has stakes in Elon Musk’s Tesla and augmented camera company Snap.
The top-up funding takes Monzo’s latest round to £444 million, after a successful year which saw it add thousands of customers in 2021, taking its total to over five million.
“The high level of investor interest we’ve had in this round is testament to our performance as well as the huge opportunity that lies ahead,” Monzo’s chief executive TS Anil told Sky News.
“With the backing of some of the best names in the investment community, we’re going into next year with big ambitions – and we’re just getting started.”
Despite the new investment, Monzo has suffered a turbulent past couple of years after a number of regulatory investigations and setbacks in setting up in the US.
The company currently employs over 2,000 people.