UK financial services industry saw a rise of 21.05% in overall deal activity during January 2021, when compared with the last 12-month average, led by TPG Sixth Street Partners’ $500m private equity deal with Convex Group, according to GlobalData’s deals database.

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A total of 46 deals worth $2.2bn were announced in January 2021, compared with the 12-month average of 38 deals.

M&A was the leading category in the month in terms of volume with 30 deals, which accounted for 65.2% of all deals.

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In second place was private equity with eight deals, followed by venture financing with eight transactions, respectively accounting for 17.4% and 17.4% of overall deal activity in the UK technology industry during the month.

In terms of value of deals, private equity was the leading deal category in the UK financial services industry with total deals worth $1.14bn, while venture financing and M&A deals totalled $959.68m and $101.67m respectively.

UK financial services industry deals in January 2021: Top deals

The top five financial services industry deals accounted for 83.4% of the overall value during January 2021.

The combined value of the top five financial services deals stood at $1.83bn, against the overall value of $2.2bn recorded for the month.

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

1) TPG Sixth Street Partners’ $500m private equity deal with Convex Group

2) The $450m venture financing of Checkout by Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst, GIC, Greenoaks Capital Management, Insight Partners and Tiger Global Management

3) Cortina Bidco’s $307.13m private equity deal with AFH Financial Group

4) The $300m venture financing deal with CashDash by Avid Ventures, Coatue Management, Durable Capital Partners, Entree Capital, FJ Labs, General Catalyst Partners, Latitude Partners, Oak HC/FT Partners, Spark Capital, Tal Capital Group, Target Global and Tiger Global Management

5) Pollen Street Capital and Qatar InsuranceQSPC’s private equity with Markerstudy Insurance Services for $273.66m.