Looking at sellers by geography, 50% of target companies were based in the US, followed by the United Kingdom at 13%, Germany at 5%, and Canada at 4%. France and the Netherlands both represented the headquarters of 3% of targets, followed by Australia and Sweden which each were home to 2% of sellers.

Now looking at buyers by geography, 52% of Regtech acquirers were based in the US, followed by the United Kingdom at 11% and Canada at 6%. Numerous other European countries also saw significant M&A activity this year. Dealmaking remained international with 38% of transactions being cross-border.