German neo bank N26 leads the rankings for the number of new startups created by its former alumni, while Klarna has the most fintech startups founded by ex-employees, according to a study by Accel and Dealroom.
The research analyzes the state of startup creation from existing unicorns in Europe and Israel. It indicates that fintech unicorns are fostering the next generation of startups in the region, with companies such as Klarna, N26, and Monzo generating hundreds of successful founders and executives.
Of the more than 300 VC-backed unicorns in the area, 203 have produced over 1,000 new tech startups, with former employees transitioning into founder roles. The fintech sector continues to thrive, boasting 61 unicorns that have launched 310 new startups by ex-employees over the past 14 years.
N26 is recognized as the leading fintech founder factory, generating 26 startups through its alumni, followed closely by Klarna and Revolut (both with 23), Wise (19), and Monzo (16). Among the startups derived from Klarna, 65% (15) are also in the fintech space, along with 62% (8 of 13) from wefox and 58% (11) from Wise.
Harry Nelis, Partner at Accel, remarks: “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, 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 who have experienced the startup journey and possess the knowledge to create global success stories. We’re looking forward to witnessing the next wave of companies.”