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China’s Tencent builds stake in UK digital bank Monzo -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Tencent’s logo can be seen on its stand at the 2020 China International Fair for Trade in Services. (CIFTIS), Beijing. September 4, 2020. REUTERS/Tingshu Wang

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(Reuters) – Tencent Holdings, a Chinese gaming and media company, has purchased a minority stake in Britain’s Monzo, as part of a fundraising effort. The announcement was made by the digital bank on Friday. It came just weeks after reaching a valuation of $4.5billion.

Monzo has not disclosed details regarding Tencent’s stake. Sky News, however, reported Friday that Tencent had invested a minor portion of the $100 million capital injection. Sky News cited a source who was close to the matter.

Tencent didn’t immediately reply to Reuters’ request for comment.

Monzo was founded in 2015. It has more than 5,000,000 customers and is well-known. However, it’s struggled to make a profit. Last year, Monzo revealed that it would be facing an investigation into possible criminal and civil money laundering.

Monzo had earlier in the month received funds from Coatue and Abu Dhabi Growth Fund.

Tencent owns stakes in some of the largest U.S. technology companies including Tesla, an electric-car manufacturer (NASDAQ:) Inc, and Photo-messaging App Maker Snap Inc (NYSE:).

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