Total financial services industry venture financing deals worth $3.8bn were announced in North America in May 2021, led by $610m venture financing of Wealthsimple, according to GlobalData’s deals database.

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The value marked an increase of 73.4% over the previous month of $2.18bn and a rise of 180% when compared with the last 12-month average of $1.35bn.

North America held a 54.86% share of the global financial services industry venture financing deal value that totalled $6.89bn in May 2021. With a 41.80% share and deals worth $2.88bn, the US was the top country in North America’s venture financing deal value across financial services industry.

In terms of venture financing deal activity, North America recorded 45 deals during May 2021, marking a decrease of 19.64% over the previous month and a rise of 9.76% over the 12-month average. The US recorded 39 deals during the month.

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North America financial services industry venture financing deals in May 2021: Top deals

The top five financial services industry venture financing deals accounted for 43.6% of the overall value during May 2021.

The combined value of the top five financial services venture financing deals stood at $1.65bn, against the overall value of $3.8bn recorded for the month.

The top five financial services industry venture financing deals of May 2021 tracked by GlobalData were:

1) Aubrey Drake Graham, Greylock Partners, iNovia Capital, Meritech Capital Partners, Michael J. Fox, Redpoint Ventures, Ryan Reynolds , Sagard, TCV and Two Sigma Ventures’ $610m venture financing of Wealthsimple

2) The $440m venture financing of Circle Internet Financial by Atlas Merchant Capital, Breyer Capital, Digital Currency Group, Fidelity Management & ResearchLLC, Fintech Ventures Fund, FTX.US, Intersection Fintech Ventures, Marshall Wace, Michael Price, Pillar Ventures, Valor Capital Group and Willett Advisors

3) Bond Capital Management, Coatue Management, Kaszek Ventures, Pantera Capital Management, Paradigm (US), QED Investors, Tiger Global Management and Valor Capital Group’s $250m venture financing of The Badger TechnologyS.A.S.

4) The $200m venture financing of SEthos Technologies by Accel, General Catalyst Partners, Glade Brook Capital Partners, GV Management Co, Roc Nation and Sequoia Capital Operations

5) Deutsche Borse Commodities, LUN Partners Group, Temasek Holdings (HK) and Wells Fargo Strategic Capital’ venture financing of Forge Global for $150m.