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China’s Tencent is taking part in UK Monzo’s digital bank

Chinese technology group Tencent has taken part in Monzo, the most recent fundraiser around the world to raise funds that place a UK digital bank at $ 4.5bn.

The move, which was unveiled on Friday, marks Monzo’s immediate economic recovery after triggering an epidemic that has disrupted his accounting and warned foreigners that he may be struggling to make ends meet.

“With the help of some of the best names in the financial sector, we are heading to the next year with great ambitions – and we are just getting started,” said Monzo TS Anil chief executive.

Tencent, one of China’s largest and most technically savvy companies, has made a significant contribution to the global fintech industry, taking action in recent years to integrate components of the Argentine Ualá financial program, French startups Qonto and Lydia, and a South African bank. against Tyme.

His investment in Monzo is part of the $ 100m up-to-the-box $ 500m around under the direction of the Abu Dhabi Growth Fund, first reported by the Financial Times in early December.

The Chinese movement’s movement follows a £ 919m contract in July to buy UK games developer Sumo Group, which has created roles for Sony, Microsoft and Sega.

The Shenzhen owner of China’s WeChat messaging service has been on expensive In the past year, to diversify its technology companies around the world even though Beijing has expanded its coverage of Chinese groups.

Monzo’s recent figures, first reported by Sky News, show a dramatic return to its census, which in February dropped to $ 1.25bn after a sharp drop in customer base, down from $ 2bn in 2019.

The online bank announced an official loss of $ 130m in 2020, an increase of 13% compared to 2019. concerns.

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Monzo also faced challenges of improving last year, in addition to research and the Financial Conduct Authority for violating anti-money laundering laws.

In October it he fired his job for a US bank certificate after the regulator has indicated that it will not be approved.

But investors are focusing more on its performance, with more money in 2021 against last year. A quarter of her income came from the newly established facilities during the epidemic, including her businesses and high-profile accounts, because she wants to diversify.

It also highlights innovations as a platform for retailers to sell in stocks, according to people who are familiar with the subject. This may include cryptocurrency trading, although the preparation is only at the time of research.

However, Monzo’s accounting continues to follow UK rival digital arch-rival Revolut, who raised $ 33bn in July revenue under the leadership of SoftBank’s Vision Fund 2 and Tiger Global Management.

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