Led by $800m venture financing of Klarna Bank, total payments industry venture financing deals worth $996m were announced in Europe in Q3 2022, according to GlobalData’s deals database.

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The value marked a decrease of 33.2% over the previous quarter and a drop of 38.9% when compared with the last four-quarter average of $1.63bn.

Europe held a 32.76% share of the global payments industry venture financing deal value that totalled $3.04bn in Q3 2022. With a 26.32% share and deals worth $800m, Sweden was the top country in Europe’s venture financing deal value across payments industry.

In terms of deal activity, Europe recorded 21 deals during Q3 2022, marking a decrease of 58.00% over the previous quarter and a drop of 46.84% over the last four-quarter average. The UK recorded eight deals during the month.

Europe payments industry venture financing deals in Q3 2022: Top deals

The top five venture financing deals accounted for 93.3% of the overall value during Q3 2022.

The combined value of the top five payments venture financing deals stood at $928.82m, against the overall value of $996m recorded for the quarter.

The top five payments deals of Q3 2022 tracked by GlobalData were:

1) Bestseller, Canada Pension Plan Investment Board, Commonwealth Bank of Australia, Mubadala Investment, Sequoia Capital Operations and Silver Lake Partners’s $800m venture financing deal with Klarna Bank

2) The $50m venture financing of Portofino Technologies by Coatue Management, GFC Global Founders Capital and Valar Ventures

3) Alpha Associates, CEECAT Capital, European Bank for Reconstruction and Development and Revo Capital’s $37.96m venture financing deal with Param

4) The $20.43m venture financing of Perspecteev by Groupe BPCE and Truffle Capital

5) Salt Pay’s $20.43m venture financing deal with MeaWallet