Chinese tech giant Tencent has taken a minority stake in Monzo as part of a top-up to the bank’s latest funding round.
Tencent is one of China’s most valuable firms, with a current market capitalisation of over $500 billion and interests in social media, telecoms, e-commerce, and gaming.
The news comes after Monzo hit a $4.5 billion valuation in its latest funding round in December, raising $475 million from a series of investors including Abu Dhabi Growth Fund, Coatue, Alpha Wave Ventures, Accelm, and Goodwater.
The challenger bank did not announce the value of the stake, but Sky News reported it was a minority of a $100 million top-up investment to its December funding round.
Tencent’s recent move is not the only investment which the tech giant has made in European FinTech, the firm has also invested in German neo bank N26 and French FinTechs Qonto and Lydia.
Monzo is currently diversifying its offerings, and is currently rolling out a Buy Now, Pay Later (BNPL) product called Flex to a limited number of users.
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