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Tencent Offloads Stake in Business Bank Tide
As part of the retreat of its international investment strategy, the Chinese tech giant Tencent has offloaded its shares in the business bank Tide to an unknown buyer or buyers.
In its recent filings, the financial institution’s Tencent Cloud Computing has reduced its stake in Tide from 14pc to zero as of April 2024.
Details surrounding the new owners are unclear at time of writing, however the business bank had facilitated a secondary share sale which provided early investors with an opportunity to liquidate their stakes in Tide. Secondary share sales are becoming increasingly common as tech companies wish to stay private for an extended period of time.
Tide was launched in 2015 to serve the needs of small and medium enterprises, and Tencent’s investment in Tide in 2022 was part of its wider strategy to get a foothold in the UK’s burgeoning fintech and financial services industries.
Tide has also received investment from private equity giant Apax Partners and Japan’s SBI Group.
Tide has gone on to launch its business banking services in the UK, Germany and India; as well as partnering with BT, Connect Earth and Ayden
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