Total financial services industry cross border venture financing deals worth $3.03bn were announced in the in Q1 2021, with $2.4bn venture financing of Robinhood Financial being the sector’s biggest investment, according to GlobalData’s deals database.

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The value marked an increase of 1708.1% over the previous quarter and a rise of 457.9% when compared with the last four-quarter average of $543.07m.

The US held a 47.72% share of the global financial services industry cross border venture financing deal value that totalled $6.35bn in Q1 2021.

In terms of deal activity, the US recorded 26 cross border deals during Q1 2021, marking an increase of 188.89% over the previous quarter and a a rise of 153.66% over the last four-quarter average.

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US financial services industry cross border venture financing deals in Q1 2021: Top deals

The top five financial services industry cross border venture financing deals accounted for 94.7% of the overall value during Q1 2021.

The combined value of the top five cross border venture financing deals stood at $2.87bn, against the overall value of $3.03bn recorded for the quarter.

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

1) Andreessen Horowitz, ICONIQ Capital, Index Ventures, New Enterprise Associates, Ribbit Capital and Sequoia Capital Operations’ $2.4bn venture financing of Robinhood Financial

2) The $170m venture financing of Flutterwave by 9Yards Capital, Avenir Growth Capital, DST Global, Early Capital, Green Visor Capital ManagementLLC, Greycroft Partners, Insight Partners, Salesforce Ventures, Tiger Global Management, Tiger Management and Worldpay

3) Eldridge Industries, Entree Capital, Goodwater Capital, Owl Ventures and T Rowe Price Associates’ $125m venture financing of Stash Financial

4) The $118m venture financing of Pie Insurance Holdings by Acrew Capital, Allianz X, Elefund, Greycroft Partners, Moxley Holdings, SiriusPoint and SVB Capital

5) American Family Ventures, Liberty Mutual Strategic Ventures, Moderne Ventures, Mucker Capital, SoftBank Ventures Asia, Strata Equity Group, Vertex Ventures US, Veteran Ventures Capital, Westerly Winds and Wildcat Venture Partners’ venture financing of LeaseLock for $52m.