Tencent buys stake in UK bank

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Tencent, the Chinese tech giant, took a stake in Monzo Bank as part of a funding round that values the UK fintech at more than $4.5 billion (R72 billion). 

Tencent joined a round that raised $600 million in new investments, led by the Abu Dhabi Growth Fund, according to a person briefed on the matter. A first close of the funding round earlier this month featured existing investors Accel and General Catalyst. 

Monzo, one of several digital banks seeking to chip away at major British lenders’ dominance of retail banking, has been growing rapidly. It now has more than 5 million customers, and revenue has doubled this year. 

“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 Chief Executive Officer TS Anil said in an emailed statement. 

Sky News reported the investment earlier Friday. 

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