North America’s financial services industry saw a drop of 3.94% in deal activity during May 2021, when compared with the last 12-month average, led by Galaxy Digital Holdings’ $1.2bn acquisition of BitGo, according to GlobalData’s deals database.

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A total of 122 financial services industry deals worth $5.8bn were announced for the region in May 2021, against the 12-month average of 127 deals.

Of all the deal types, M&A saw most activity in May 2021 with 74 transactions, representing a 60.7% share for the region.

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In second place was venture financing with 45 deals, followed by private equity deals with three transactions, respectively capturing a 36.9% and 2.5% share of the overall deal activity for the month.

In terms of value of deals, venture financing was the leading category in North America’s financial services industry with $3.78bn, while M&A and private equity deals totalled $2.04bn and $20m, respectively.

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

The top five financial services deals accounted for 52.6% of the overall value during May 2021.

The combined value of the top five financial services deals stood at $3.07bn, against the overall value of $5.8bn recorded for the month.

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

1) Galaxy Digital Holdings’ $1.2bn acquisition of BitGo

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

3) Repay Holdings’ $503m acquisition of BillingTree

4) 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

5) Pendal Group’s acquisition of Siegel & Walmsley and Thompson for $320m.