One of China’s biggest technology companies has become an investor in Monzo in a fundraising that values the British digital bank at $4.5 billion.
The involvement of Tencent may stir fresh interest in Monzo, which has grown rapidly to become one of the UK’s biggest banking start-ups, although it remains dogged by questions about profitability and internal controls.
Monzo has raised $600 million from investors in its latest round, which was led by the Abu Dhabi Growth Fund. Tencent has taken an undisclosed, minority holding. Sky News reported that it had invested about $100 million in the bank.