Led by $610m venture financing of Wealthsimple, North America’s financial services industry saw a rise of 43.43% in cross border deal activity during Q2 2021, when compared to the last four-quarter average, according to GlobalData’s deals database.
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A total of 71 cross border deals worth $4.1bn were announced for the region during Q2 2021, against the last four-quarter average of 49.50 deals.
Of all the deal types, venture financing saw most activity in Q2 2021 with 36 deals, representing a 50.7% share for the region.
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By GlobalDataIn second place was M&A with 28 deals, followed by private equity deals with seven transactions, respectively capturing a 39.4% and 9.9% share of the overall cross border deal activity for the quarter.
In terms of value of cross border deals, venture financing was the leading category in North America’s financial services industry with $2.84bn, while M&A and private equity deals totalled $957.49m and $270m, respectively.
North America financial services industry cross border deals in Q2 2021: Top deals
The top five financial services cross border deals accounted for a 48.4% share of the overall value during Q2 2021.
The combined value of the top five cross border deals stood at $1.97bn, against the overall value of $4.1bn recorded for the quarter.
The top five financial services industry cross border deals of Q2 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 $425m venture financing of Brex by Baillie Gifford, Base10 Partners, Durable Capital Partners, GIC, Greenoaks Capital Management, IVP LuxCo, Lone Pine Capital, Madrone Capital Partners, Ribbit Capital, TCV, Tiger Global Management, Valiant Capital Management and Y Combinator Continuity Fund I
3) Pendal Group’s $320m acquisition of Siegel & Walmsley and Thompson
4) The $315m acquisition deal with Mazooma Technical Services by Nuvei Technologies
5) Declaration Partners, Liberty City Ventures, Mithril Capital Management, Oak HC/FT Partners, PayPal Ventures, Senator Investment Group and WestCap Partners’ venture financing with Paxos Trust Co for $300m.
