Tencent, a Chinese technology giant, has invested in UK digital bank Monzo to take a minority stake in the firm.
In Brief:
Tencent has invested $100mn in the challenger bank.
Monzo already raised $600mn last year.
The Chinese investor has also taken stakes in N26 and Tesla recently.
What does this mean?
Monzo has been adding to its valuation not only with a number of new investors, and expects its revenue to more than double this year. It aims to add 100,000 new customers a month. This might provide a good return for Tencent, which has increasingly taken its investment focus global over the past year.
