Chinese tech giant Tencent has fully divested its 14% stake in British challenger bank Tide in a sale that was completed in April, as reported by The Telegraph.
Tide, founded in 2015, specializes in providing business accounts and financial services to small and medium-sized enterprises (SMEs) across the UK, India, and Germany.
The company, chaired by Sir Donald Brydon, has attracted significant investment from Apax Partners and Japan’s SBI Group.
While the buyer of Tencent’s stake remains undisclosed, Tide earlier facilitated a secondary share sale, allowing early investors to cash out.
Tencent, known for its WeChat app, remains a major player in the tech industry.
The company recently reported a 6% increase in quarterly revenue to 159.5 billion yuan (£17.2 billion) for the quarter ending March 2024, with net profits rising by 62% to 41.8 billion yuan.
