By ET Bureau - November 17, 2023 5 Mins Read
Allica Bank, an online banking platform, has topped Deloitte’s 2023 UK Technology Fast 50 awards, a ranking of the UK’s 50 fastest growing technology companies;
The London-based bank reported an average four-year growth of 85,438% to the year 2022/23, the third-largest growth rate in the 26-year history of the awards;
Fast 50 companies generated a combined revenue of £801 million in 2022/23, and employ 14,956 people, with an average revenue growth of 5,473% over a four-year period, a 19% increase on previous year.
Deloitte has today announced the winners of the 2023 UK Technology Fast 50 awards. The awards recognise and rank the 50 fastest-growing technology companies in the UK, based on average revenue growth over a four-year period, and are sponsored by Multiverse, Oracle NetSuite, BGF and HSBC Innovation Banking.
The 2023 Fast 50 winners have a collective average four-year growth rate of 5,473%, total revenues of £801 million in 2022/23, and employ almost 15,000 people in the UK.
Fintech company Allica Bank is the overall winner of the 2023 UK Technology Fast 50 awards, having achieved an average four-year growth rate of 85,438% to the year 2022/23, the third-largest average growth rate in the 26-year history of the awards. Launching in 2019, the London-based business employs more than 450 people and specialises in banking for small and medium-sized businesses, delivered through technology.
In second place is Yoto, the London-based software company specialising in interactive audio for children, achieving an average revenue growth of 66,572%. Hypervolt, manufacturer of electric vehicle charging technology, ranked third with an average revenue growth rate of 19,236%. Hypervolt is also the inaugural winner of the CleanTech award, which recognises the contribution made by the Fast 50’s environmental technology companies towards meeting the UK’s net zero target.
Each of this year’s top three companies come from a different sector: fintech, software, and environmental tech. Software remains the leading sector, accounting for 54% of all winners.
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “The impressive growth amongst this year’s Fast 50 winners demonstrates the tenacity of the UK’s technology sector as it cements itself amongst the top locations for venture capital investment globally.
“While businesses continue to navigate a turbulent economic landscape, the UK’s technology sector remains a symbol of resilience, talent, innovation and competitiveness. I would like to extend my congratulations to all of the winners.”
Richard Davies, CEO of Allica Bank said: “We are about people and data. Over the last three years we’ve built out significant in-house capabilities both in engineering and product. This is a must for the target segment we serve, which combines complex needs and volume. This leads to poor value, inconvenient, and impersonal service from the incumbent players. So we are building unique, proprietary software to solve these customers’ needs at scale.
“We know that our sole purpose is to provide a full-service alternative to high street banks for established SMEs having total clarity of our target segment is critical. And it is super rewarding for us to feel we are making a difference to businesses that make up a third of the UK economy and employment.”
In a survey of CEOs and executives of the Fast 50 winners, almost two-thirds (63%) highlighted that capital raising is their core objective for the next two years. In addition, 67% of respondents said they are either actively trying to raise or have tried to raise investment in the past 12 months. Capital raising remains challenging, however, with half (49%) of businesses claiming to have seen a decrease in total equity investment secured this year.
Meanwhile, 79% of respondents expect artificial intelligence (AI) to have an impact on their markets or proposition, while 18% of companies named automation and the impact of AI as core to their business objectives over the next two years.
Asad added: “It’s clear that the nation’s start-ups remain committed to innovation despite the economic headwinds. Many of these businesses will be looking for new ways to raise capital in a cautious investment landscape, while also remaining agile to new technologies and external factors that may change the way they operate.”
Three-quarters (76%) of this year’s Fast 50 winners are headquartered in London, including nine of the top ten. In addition, of the 11 ranked fintech businesses, ten are based in the capital, including Freetrade, an online investment platform (fourth overall with a four-year growth rate of 18,090%) and YuLife, insurance and financial services provider (eighth overall with a four-year growth rate of 4,832%).
This year’s Women in Leadership category winner, Diginius (15th overall with a four-year growth rate of 1,768%) also hails from the capital.
Outside of London, standout performances include Scotland-based wellbeing and fitness app, The Original Fit Factory (fifth overall with a four-year growth rate of 14,854%), and South West-based online marketplace platform OnBuy, which returns to the ranking for the third consecutive year. Midlands-based Warwick Acoustics, an audio hardware company, made the top half (ranked 24th overall with a four-year growth rate of 1,167%).
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Asad said: “London continues to be a breeding ground for the UK’s fastest-growing tech companies. Yet, while the city is known for being a global hub for fintech, what is particularly impressive is the diversification that we are seeing, with a variety of sub-sectors choosing London as their home, including software and environmental tech.
“Despite London’s dominance, growth across the UK regions remains strong. From Scotland to the south coast, the ingredients are there to enable the UK’s technology start-up sector to thrive.”
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