The US payments industry saw a drop of 2.9% 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 34 deals worth $2.83bn were announced in Q2 2020, compared to the last four-quarter average of 35 deals.

Venture financing was the leading category in the quarter with 20 deals which accounted for 58.8% of all deals.

In second place was M&A with 13 deals, followed by private equity with one transactions, respectively accounting for 38.2% and 2.9% of overall deal activity in the country’s payments industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in the US payments industry with total deals worth $1.72bn, while venture financing and private equity deals totalled $962.56m and $150m, respectively.

The US payments industry deals in Q2 2020: Top deals

The top five payments deals accounted for 85.8% of the overall value during Q2 2020.

The combined value of the top five payments deals stood at $2.43bn, against the overall value of $2.83bn recorded for the month.

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

1) Social Finance’s $1.2bn acquisition of Galileo Financial Technologies

2) The $600m venture financing of Stripe by Andreessen Horowitz, General Catalyst Partners, GV Management Co and Sequoia Capital Operations

3) Zip’s $301.36m acquisition of QuadPay

4) The $180.02m acquisition of Hint by Revance Therapeutics

5) DST Global and Lone Pine Capital’s venture financing of Brex for $150m.

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.