Tencent, the Chinese tech group has bought a small stake in the UK digital bank Monzo. This makes Tencent the latest in line to join the digital bank’s funding round taking its valuation to $4.5 billion. The announcement about the funding came out on Friday. The funding will be of substantial help for Monzo helping it to recover from the blows of the pandemic which almost crushed its valuation and took it to the edge of uncertainty and distress. This is what TS Anil had to say about the funding round. Anil is the chief executive of Monzo,
“With the backing of some of the best names in the investment community, we are going into next year with big ambitions – and we are just getting started.”
The What and Why
Monzo, the UK-based digital bank was affected rather badly after being stuck under the crushing wheels of the pandemic the slowed down the whole world. The blow was rather hard that it even led to a fall in the bank’s valuation and there were even warnings that hinted that the bank will have a hard time keeping its head above water. However, it seems like…
