Led by $2.4bn venture financing of Robinhood Financial, total financial services industry cross border venture financing deals worth $3.15bn were announced in North America in Q1 2021, according to GlobalData’s deals database.

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The value marked an increase of 987.8% over the previous quarter and a rise of 419.7% when compared with the last four-quarter average of $606.09m.

North America held a 49.61% share of the global financial services industry cross border venture financing deal value that totalled $6.35bn in Q1 2021. With a 47.72% share and deals worth $3.03bn, the US was the top country in North America’s cross border venture financing deal value across financial services industry.

In terms of deal activity, North America recorded 34 cross border deals during Q1 2021, marking an increase of 183.33% over the previous quarter and a rise of 183.33% over the last four-quarter average. The US recorded 26 deals during the month.

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

The top five cross border venture financing deals accounted for 91.5% of the overall value during Q1 2021.

The combined value of the top five financial services cross border venture financing deals stood at $2.88bn, against the overall value of $3.15bn recorded for the quarter.

The top five financial services 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) Drive Capital, Portag3 Ventures and TTV Capital’s venture financing of Koho Financial for $70m.