Led by $110m venture financing of Tamara, total financial services industry venture financing deals worth $281.5m were announced in Middle East and Africa in Q2 2021, according to GlobalData’s deals database.

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The value marked an increase of 74.9% over the previous quarter and a rise of 246.6% when compared with the last four-quarter average of $81.22m.

Middle East and Africa held a 1.82% share of the global financial services industry venture financing deal value that totalled $15.43bn in Q2 2021. With a 0.72% share and deals worth $110.67m, Saudi Arabia was the top country in Middle East and Africa’s venture financing deal value across financial services industry.

In terms of deal activity, Middle East and Africa recorded 25 deals during Q2 2021, marking an increase of 38.89% over the previous quarter and a rise of 61.29% over the last four-quarter average. the United Arab Emirates recorded seven deals during the month.

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Middle East and Africa financial services industry venture financing deals in Q2 2021: Top deals

The top five venture financing deals accounted for 52.7% of the overall value during Q2 2021.

The combined value of the top five financial services venture financing deals stood at $148.4m, against the overall value of $281.5m recorded for the quarter.

The top five financial services deals of Q2 2021 tracked by GlobalData were:

1) Checkout. com’s $110m venture financing of Tamara

2) The $15m venture financing of PayMob Solutions by A15, Global ventures and The Netherlands Development Finance(FMO)

3) 4DX Ventures, AlRajhi Partners, Global ventures and Olive Tree Capital’s $8m venture financing of Mamo ME DMCC

4) The $7.9m venture financing of Zeepay Ghana by Ark Holdings, GOODsoil VC and Investisseurs & Partenaires

5) Avenir Growth Capital, Class five Global, FJ Labs, Goodwater Capital, Graph Ventures, Guillaume Pousaz, Jabbar Internet Group FZ-LLC, Krishnan Menon, OTF Jasoor Ventures and Wamda Capital’s venture financing of Ziina for $7.5m.