Middle East and Africa’s financial services industry saw a rise of 29.41% in deal activity during February 2022, when compared with the last 12-month average, led by First Abu Dhabi Bank’s $612m acquisition of 51% stake in EFG Hermes Holding, according to GlobalData’s deals database.

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A total of 22 financial services industry deals worth $870.2m were announced for the region in February 2022, against the 12-month average of 17 deals.

Of all the deal types, M&A saw most activity in February 2022 with 12 transactions, representing a 54.6% share for the region.

In second place was venture financing with ten deals capturing a 45.5% share of the overall deal activity for the month.

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In terms of value of deals, M&A was the leading category in Middle East and Africa’s financial services industry with $712m, followed by venture financing deals totalled $158.17m.

Middle East and Africa financial services industry deals in February 2022: Top deals

The top five financial services deals accounted for 98.03% of the overall value during February 2022.

The combined value of the top five financial services deals stood at $853m, against the overall value of $870.2m recorded for the month.

The top five financial services industry deals of February 2022 tracked by GlobalData were:

1) First Abu Dhabi Bank $612m acquisition deal for 51% stake in EFG Hermes Holding

2) The $100m venture financing of Palm Pay by AfricInvest Group,Chuangshi Capital,Trust Capital and Yunshi Capital

3) Fireblocks $100m acquisition deal with First Digital Bank

4) The $21m venture financing of Stitch Money by Firstminute Capital,PayPal Ventures,The Raba Partnership,The Spruce House Partnership and TrueLayer

5) 4DX Ventures,Base Capital,BECO Capital,Endure Capital,JIMCO,Prosus Ventures,Raba Partnerships and Tiger Global Management $20m venture financing deal with Thndr Technology Holding