FinTech is Leading Europe’s New Wave of Startups
According to a survey conducted by Accel and Dealroom, German neo bank N26 ranks first in terms of the number of new firms launched by former graduates. However, Klarna ranks first in terms of the number of fintech startups founded by ex-staff. These findings are based on an examination of current startup formations among existing unicorns in Europe and Israel. Among other things, the data reveals how the ecosystem’s fintech unicorns are spawning the next generation of entrepreneurs from throughout the area, with businesses like as Klarna, N26, and Monzo creating hundreds of successful founders and executives.
- 203 of the region’s 300+ VC-backed unicorns have created over 1,000 new digital firms, with former workers becoming entrepreneurs.
- Fintech is thriving, with 61 fintech unicorns spawning 310 new firms started by former workers in the previous 14 years.
- N26 is the fintech founder factory with the most ex-employee companies (26). Shortly followed by Klarna (23), Revolut (23), Wise (19), and Monzo (16).
- 65% (15) of Klarna companies are also FinTech startups. Second with 62% (8 of 13) are Wefox startups and third with 58% (11) is Wise startups.
Accel Partner, Harry Nelis thinks that talent is the more important than any other ingredient of a successful tech ecosystem. He goes on to say point out how European talent is at a very different level now than it was 20, or even 10, years ago. This appears to be reflected by the strength of the FinTech startup community. Like us here at 7startup, Harry is looking forward to Europe’s next wave of FinTech companies.
Amit has 18 years of experience in the industry and an MBA. He supports entrepreneurs with every aspect of their business including concept and product development, investor presentations, and fundraising. Amit & 7startup assist startups in the pre due-diligence process and help connect them to our vast network of investors. Reach out to us today and see if we’re a fit!