North America’s financial services industry saw a drop of 17.24% in cross border deal activity during March 2022, when compared with the last 12-month average, led by First American Financial, Foundry Group, Mauricio Umansky, National Association of Realtors, Night Shyamalan and RRE Ventures’ $220m acquisition of Knockaway, according to GlobalData’s deals database.

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A total of 24 financial services industry cross border deals worth $715.5m were announced for the region in March 2022, against the 12-month average of 29 deals.

Of all the deal types, venture financing saw most activity in March 2022 with 14 transactions, representing a 58.3% share for the region.

In second place was M&A with seven deals, followed by private equity deals with three transactions, respectively capturing a 29.2% and 12.5% share of the overall cross border deal activity for the month.

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In terms of value of cross border deals, venture financing was the leading category in North America’s financial services industry with $610.54m, while private equity and M&A deals totalled $100m and $4.95m, respectively.

North America financial services industry cross border deals in March 2022: Top deals

The top five financial services cross border deals accounted for 83.2% of the overall value during March 2022.

The combined value of the top five financial services cross border deals stood at $595m, against the overall value of $715.5m recorded for the month.

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

1) First American Financial,Foundry Group,Mauricio Umansky,National Association of Realtors,Night Shyamalan and RRE Ventures $220m venture financing deal with Knockaway

2) The $125m venture financing of PolicyGenius by AXA Venture Partners,Brighthouse Financial,Global Atlantic Financial Group,IA Financial Group,KKRInc,Lincoln Financial,Mass Mutual Ventures,Norwest Venture Partners,Pacific Life Insurance and Revolution Ventures

3) BBH Capital Partners $100m private equity deal with Synex Business Performance

4) The $75m venture financing of Gravie by AXA Venture Partners,FirstMark Capital,Georgian,Revelation Partners and Split Rock Partners

5) Alex Rodriguez,Marc Lore,Thrive Capital and Tiger Global Management $75m venture financing deal with Mojo Interactive