Europe’s financial services industry saw a drop of 12.12% in cross border deal activity during January 2021, when compared with the last 12-month average, led by TPG Sixth Street Partners’ $500m acquisition of Convex Group, according to GlobalData’s deals database.

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A total of 29 financial services industry cross border deals worth $2.36bn were announced for the region in January 2021, against the 12-month average of 33 deals.

Of all the deal types, venture financing saw most activity in January 2021 with 12 transactions, representing a 41.4% share for the region.

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In second place was M&A with 11 deals, followed by private equity deals with six transactions, respectively capturing a 37.9% and 20.7% share of the overall cross border deal activity for the month.

In terms of value of cross border deals, private equity was the leading category in Europe’s financial services industry with $1.2bn, followed by venture financing deals totalled $1.16bn.

Europe financial services industry cross border deals in January 2021: Top deals

The top five financial services cross border deals accounted for 77.6% of the overall value during January 2021.

The combined value of the top five financial services cross border deals stood at $1.83bn, against the overall value of $2.36bn recorded for the month.

The top five financial services industry cross border deals of January 2021 tracked by GlobalData were:

1) TPG Sixth Street Partners’ $500m private equity deal with Convex Group

2) The $450m venture financing deal with Checkout by Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst, GIC, Greenoaks Capital Management, Insight Partners and Tiger Global Management

3) Cortina Bidco’s $307.13m private equity deal with AFH Financial Group

4) The $300m venture financing of CashDash by Avid Ventures, Coatue Management, Durable Capital Partners, Entree Capital, FJ Labs, General Catalyst Partners, Latitude Partners, Oak HC/FT Partners, Spark Capital, Tal Capital Group, Target Global and Tiger Global Management

5) Pollen Street Capital and Qatar InsuranceQSPC’s private equity deal with Markerstudy Insurance Services for $273.66m.