Payments firm Klarna prepares to stage one of the biggest European fintech company listings
Klarna CEO Sebastian Siemiatkowski in the company’s office in Stockholm, Sweden. Picture: REUTERS/SUPANTHA MUKHERJEEAs Klarna’s billionaire founder Sebastian Siemiatkowski prepares to stage one of the biggest European fintech company listings, a feast of capitalism, he credits an unlikely backer for his runaway success: the Swedish welfare state.
Sweden’s home computer drive and concurrent early investment in internet connectivity help explain why its capital Stockholm has become rich soil for start-ups, birthing and incubating Spotify, Skype and Klarna, even though it has some of the highest tax rates in the world. That is the view of Siemiatkowski and several tech CEOs and venture capitalists.
“That could only happen in a country where broadband was the standard much earlier, while in other markets the connection was too slow,” Siemiatkowski said. “That allowed our society to be a couple of years ahead.” Though overall investments are larger in the bigger European economies of Britain and France and their long-standing finance hubs, Sweden punches above its weight in some areas. It has the third highest start-up rate in the world, behind Turkey and Spain, with 20 start-ups per 1,000 employees and the highest three-year survival rate for start-ups anywhere, at 74%, according to a 2018 study by OECD economists.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How the welfare state has helped Sweden’s tech start-upsPayments firm Klarna prepares to stage one of the biggest European fintech company listings
Read more »
TONY LEON: Beijing’s mood-souring tech clampdown shows power of totalitarian stateTONY LEON: Beijing’s mood-souring tech clampdown shows power of totalitarian state 🔒
Read more »
Zozibini Tunzi dreams of helping people fund their student debtAfter having once experienced difficulty continuing her studies due to student debt, former Miss Universe dreams of helping others settle theirs.
Read more »
IOL Travel's free August 2021 edition takes you backpackingThis month's edition offers tips and tricks to get you started and help you save for future backpacking trips. travel adventure
Read more »
BMW iX3 restyled ahead of 2022 South African debutRestyled exterior and inclusion of more tech inside has not filtered through to the powertrain.
Read more »
SA raises money to pay Olympic athletesSouth Africans are rallying together to help pay Olympic athletes their bonuses.
Read more »