Chinese tech giant Tencent has sold its 14% stake in British business banking platform Tide, according to the Telegraph.
Tencent Cloud Computing offloaded the stake to an unknown buyer in April, according to a company filing. Tide ran a secondary share sale this year, enabling early investors to cash out.
WeChat owner Tencent has invested in a host UK fintechs over the years, including Monzo, Previse and TrueLayer.
However, the firm has recently pulled back from overseas investments, says the Telegraph, citing PitchBook data showing that the value of deals it has completed has dropped from $20 billion in 2018 to $6 billion in 2023.
Tide is a business financial platform with more than a 10% market share of SMBs in the UK and a presence in Indian and Germany. In 2021 it raised $100 million in Series C funding at a valuation of $650 million.