According to the Telegraph, Chinese tech giant Tencent has sold its 14% stake in British business banking platform Tide.
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According to a company announcement, Tencent Cloud Computing sold the stake to an unknown buyer in April. Tide conducted a secondary stock sale this year that allowed early investors to cash out.
WeChat owner Tencent has invested in numerous UK fintechs over the years, including Monzo, Previse and TrueLayer.
However, the company has recently pulled back from foreign investment, the Telegraph says, citing PitchBook data that shows the value of deals completed fell from $20 billion in 2018 to $6 billion in 2023 .
Tide is a business finance platform with more than 10% market share among SMBs in the UK and a presence in India and Germany. In 2021, the company raised $100 million in Series C funding valued at $650 million.