Asian Tech Press (Jan 4) -- Chinese gaming and social media company Tencent Holdings Ltd has bought a minority stake in Monzo Bank Ltd, a British fintech company valued at more than $4.5 billion.

A Nasdaq report said Monday that Monzo and several other digital banks are looking to gain a foothold in the retail banking market, which is dominated by large UK banks.

Monzo has been growing rapidly, now with more than 5 million customers, and has doubled its revenue this year.

Sources close to the matter said the round, in which Tencent participated, was led by the Abu Dhabi Growth Fund and raised a total of $600 million in new funds.