The $70m venture financing of Cover Genius was the financial services industry’s top cross border venture financing deal as total deals worth $315.8m were announced globally in November 2022, according to GlobalData’s deals database.

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The value marked a decrease of 42.3% over the previous month of $547.43m and a drop of 82.1% when compared with the last 12-month average, which stood at $1.76bn.

Comparing cross border venture financing deals value in different regions of the globe, Asia-Pacific held the top position, with total announced deals in the period worth $103.8m. At the country level, the US topped the list in terms of deal value at $92.5m.

In terms of volumes, Europe emerged as the top region for financial services industry cross border venture financing deals globally, followed by North America and then Asia-Pacific.

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The top country in terms of cross border venture financing deals activity in November 2022 was the US with eight deals, followed by the UK with four and Singapore with two.

In 2022, as of November, financial services cross border venture financing deals worth $18.17bn were announced globally, marking a decrease of 46.3% year on year.

financial services industry cross border venture financing deals in November 2022: Top deals

The top five financial services industry cross border venture financing deals accounted for 55.4% of the overall value during November 2022.

The combined value of the top five financial services cross border venture financing deals stood at $174.98m, against the overall value of $315.8m recorded for the month.

The top five financial services industry cross border venture financing deals of November 2022 tracked by GlobalData were:

1) Atlas Merchant Capital Fund, Dawn Capital, G Squared and King River Capital’s $70m venture financing deal with Cover Genius

2) The $28.5m venture financing of Archax by Abrdn, BitRock Capital, Blockchain Coinvestors, CE Innovation Capital, Keiretsu Capital, Lingfeng Capital, Mathrix, SGH CAPITAL and Tezos Foundation

3) Cadenza Ventures, CMT Digital Ventures, DST Global Partners, FTX Ventures, Goodwater Capital and Valor Capital Management’s $27.8m venture financing deal with Lemon Cash

4) The $25.68m venture financing of FINTECTURE by Allianz Trade, Eurazeo, HEC Ventures, Huey Lin, Olivier Pomel, RTP Global – UK, Samaipata Ventures, Societe Generale and Target Global

5) EQT Partners, Seedcamp, Valar Ventures and WF World Fund Management’s $23m venture financing deal with TreeCard