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Benzinga
Benzinga
Business
Anusuya Lahiri

Tencent Acquires Stake In Monzo Digital Bank: Report

  • Tencent Holdings Ltd (OTC:TCEHY) acquired a stake in Monzo, Mark Kleinman of Sky News tweeted.
  • The acquisition is a part of a top-up to a recently confirmed funding round that values the company at ~$4.5 billion (£3.3 billion).
  • Tencent, which has become a prolific investor in Europe's budding tech sector, has subscribed to shares as part of a $100 million (£74 million) top-up to Monzo's latest funding round, Sky News reports.
  • The report adds that Tencent invested a minority of the $100 million capital injection.
  • Tencent is one of China's most prominent technology conglomerates. Monzo is a British-based digital bank.
  • Tencent previously backed European banking start-ups like Germany's N26, which had a brief presence in the U.K. market but rapidly withdrew, citing Brexit-related complexities.
  • It also holds stakes in major U.S. companies, including Tesla Inc (NASDAQ:TSLA) and Snap Inc (NYSE:SNAP).
  • Price Action: TCEHY shares traded lower by 0.17% at $59.02 on the last check Friday.
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