German neo bank N26 tops the rankings for the number of fresh startups created by former alumni, while Klarna takes the crown for the most fintech startups founded by ex-staff, according to a study by Accel and Dealroom.
The figures come from an analysis of the state of startup creation from existing unicorns in Europe and Israel.
Among other insights, the data sheds light on how the ecosystem’s fintech unicorns are producing the next generation of startups from across the region, with companies like Klarna, N26 and Monzo birthing hundreds of successful founders and executives.
Of the more than 300 VC-backed unicorns in the region, 203 have produced more than 1,000 new tech startups, with former employees becoming founders.
Fintech is going from strength to strength, with 61 fintech unicorns producing 310 new startups founded by former employees over the last 14 years.
N26 is the fintech founder factory that has produced the most startups (26) through its ex-employees, followed by Klarna (23), Revolut (23), Wise (19) and Monzo (16).
65% (15) of the startups spawned from Klarna are also fintechs, followed by 62% (8 of 13) of those from wefox and 58% (11) of those from Wise.
Harry Nelis, Partner at Accel, comments: “Talent is the most fundamental ingredient of any successful tech ecosystem. It’s clear that European talent is now at a very different level than in 2000 when Accel opened its London office. While founders and their teams are navigating a tough macroeconomic environment, it’s also true that the community is in a much stronger position than during the 2008/9 financial crisis. There’s now a wealth of strong founders and operators building innovative companies that have experienced the start-up journey before and have the knowledge to create global success stories. We’re looking forward to seeing the next wave of companies.”