Chinese tech group Tencent has taken a stake in Monzo, the latest international investor to join a funding round that values the UK digital bank at $4.5bn.
The move, revealed on Friday, underlines a rapid recovery in Monzo’s fortunes after a tough start to the pandemic that had crushed its valuation and even prompted outside warnings that it could struggle to stay afloat.
“With the backing of some of the best names in the investment community, we’re going into next year with big ambitions — and we’re just getting started,” said Monzo’s chief executive TS Anil.
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