The top ten RegTech deals in the third quarter of the year raised $714.5m in aggregate. This is a significant slowdown compared to the $1.7bn and $908m raised in the ten largest transaction during Q1 and Q2, respectively, as the coronavirus uncertainty makes investors cautious of committing to big deals.
UK companies completed five transactions on the list with Snyk, a company that builds security into the application development process, closing the largest round of the third quarter. The company raised a $200m Series D round led by Addition on the back of a $150m Series C round completed in January which saw the company attain a unicorn status. The latest investment round comes after a year that has seen Snyk grow its revenue by 275% and increased its headcount by 100%. The company currently has 375 employees with plans to add 100 more in the next year.
The top ten deals list is dominated by companies based in the UK and the United States with only Israeli-based Perimeter81 bucking that trend. The company, which provides secure access to local network, applications and cloud infrastructures, raised $40m Series B round led by Insight Partners. That’s the company’s third capital raise in eight months after seeing recurring revenues quadruple year-over-year. The investment follows a Series A round in November of 2019 and a $5m seed raise in March 2020.
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