Tencent Buys Stake in UK Business Payments FinTech Previse

Tencent, China, regulations

Giant Chinese technology holding company Tencent is leading a funding round in British FinTech Previse, SkyNews reported Thursday (April 21).

The entire round Series B round Tencent is leading, SkyNews reported, will be about $10.4 million. The investment would value Previse at about $91 million.

According to SkyNews, Tencent also holds stakes in British technology companies Monzo, a digital bank, and Ultraleap, a business that uses ultrasound waves to simulate users’ sense of touch.

SkyNews reported that spokesmen for Tencent and Previse declined to comment on the investment.

See also: Tencent Eyes a Holding Company for FinTech WeChat Pay

London-based Previse states on its website that its goal is to “turbo-charge B2B commerce by using buyer/supplier trading data.”

Describing its technology, Previse’s website said it can process “corporate and small- and medium-sized enterprise trading data globally and use [artificial intelligence] to predict future revenues and price the risk accurately.”

According to investment data firm Crunchase, Previse already has raised about $25 million through nine rounds.

Investors in previous rounds, according to Crunchbase, include Bessemer Venture Partners, Mastercard and Hambro Perks Ltd.

The company’s three co-founders, according to Crunchbase, are: Paul Christensen, Giulio Rossi and Philipp Schoenbucher.