Chinese tech giant Tencent has snapped up a stake in London business finance firm Previse as it accelerates its push into UK fintech.
The £10m Series B funding round, led by Tencent, will value the firm at around £65m, Sky News first reported.
The fresh funding for Previse follows a spate of investment into UK tech firms including backing digital lender Monzo in a December $100m ‘top-up’ round that valued the firm at $4.5bn.
Last month Tencent led a £136m round into London corporate credit card startup Jeeves and has recently backed Bristol-based firm Ultraleap, which uses ultrasound to simulate touch.
Previse, run by founder Paul Christensen specialises in automated invoice processing and boasts a host of big name backers including MasterCard, Hambro Perks and listed fintech investor Augmentum Fintech.
Christensen recently criticised UK lenders for obstructing access to finance in a letter to City A.M., claiming that procedures from banks were “clunky” and outdated.
“The models and procedures used by banks haven’t changed for decades,” he said. “This is the age of embedded finance – finance should be integrated into basic business processes.”
Christensen called on government to “put its money where its mouth is” and create tech-led solutions for firms to access capital in order for Britain to cement its status as a global tech hub.
Previse did not respond to request for comment.