The US financial services industry saw a drop of 21.4% in overall deal activity during Q2 2020, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 291 deals worth $10.28bn were announced in Q2 2020, compared to the last four-quarter average of 370 deals.

M&A was the leading category in the quarter with 173 deals which accounted for 59.5% of all deals.

In second place was venture financing with 95 deals, followed by private equity with 23 transactions, respectively accounting for 32.7% and 7.9% of overall deal activity in the country’s financial services industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $4.63bn, while private equity and venture financing deals totalled $3.05bn and $2.61bn, respectively.

The US financial services industry deals in Q2 2020: Top deals

The top five financial services deals accounted for 45.3% of the overall value during Q2 2020.

The combined value of the top five financial services deals stood at $4.66bn, against the overall value of $10.28bn recorded for the month.

The top five financial services industry deals of Q2 2020 tracked by GlobalData were:

1) GTCR’s $1.25bn private equity deal with CAPTRUST Financial Advisors

2) The $1.2bn acquisition of Galileo Financial Technologies by Social Finance

3) Empower Retirement’s $1bn acquisition of Personal Capital

4) The $610m private equity deal with StarStone US by Aquiline Capital Partners, Dragoneer Investment Group and Skyknight Capital

5) Andreessen Horowitz, General Catalyst Partners, GV Management Co and Sequoia Capital Operations’ venture financing of Stripe for $600m.

Verdict deals analysis methodology

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.