Led by $122m acquisition of Flexiti Financial, Canada’s financial services industry saw a drop of 15.15% in overall deal activity during Q1 2021, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 35 deals worth $314.48m were announced in Q1 2021, compared with the last four-quarter average of 41.25 deals.

M&A was the leading category in the quarter with 27 deals which accounted for 77.1% of all deals.

In second place was venture financing with seven deals, followed by private equity with one transactions, respectively accounting for 20% and 2.9% of overall deal activity in the Canada’s financial services industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in Canada’s financial services industry with total deals worth $203.69m, while venture financing and private equity deals totalled $110.78m and $0m respectively.

Canada financial services industry deals in Q1 2021: Top deals

The top five financial services industry deals accounted for 88.8% of the overall value during Q1 2021.

The combined value of the top five financial services deals stood at $279.09m, against the overall value of $314.48m recorded for the quarter.

The top five financial services industry deals of Q1 2021 tracked by GlobalData were:

1) CURO Group’s $122m acquisition of Flexiti Financial

2) The $70m venture financing of Koho Financial by Drive Capital, Portag3 Ventures and TTV Capital

3) Mogo’s $56.4m acquisition of Coinsquare

4) The $20.04m venture financing deal with Brim Financial by Desjardins Group, Epic Ventures, goeasy, Impression Ventures and White Owl Capital Partners

5) Gravitas Securities, Liberty Mutual Insurance and Trisura Group’s venture financing with Apollo Insurance Solutions for $10.65m.