UK’s 50 fastest-growing tech companies grow revenue by nearly 4,000pc

The UK’s 50 fastest-growing tech companies earn £650m between them in 2018/19, employing nearly 9,000 people

 Double exposure of success businessman using smart phone and social media diagram with london city blurred background, Deloitte UK Technology Fast 50 concept

Capital idea: London continues to dominate as the centre for fast-growth technology companies

The UK’s 50 fastest growing technology companies have seen average revenue growth of 3,878pc over three years.

Between them, the UK’s 50 fastest-growing tech companies generated combined revenue of £650m in 2018/19, employing over 8,700 people.

Revolut topped this year’s Deloitte UK Technology Fast 50 ranking with an average three-year growth rate of a staggering 48,477pc to the year 2018/19.

>See also: Two thirds of young tech companies planning to raise investment

Indeed, fintech businesses ranked as the top three fastest-growing companies, with London-based small business lender OakNorth (37,449pc) and Newcastle‑ under‑Lyme‑based interest‑free credit provider Dividebuy (23,878pc) in second and third place respectively.

Overall, fintech comprised 30pc of this year’s winners, including six businesses in the top 10.

Software businesses accounted for nearly half of the Fast 50 (48pc), up from 40pc last year.

Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, said: “Technology continues to thrive despite market uncertainty, which is largely due to the drive, resilience and creativity of the teams being celebrated in these awards.”

>See also: UK fintechs raise on average £20m each in 2019, up one-third since 2017

Learning from failure

However, a substantial number of tech business leaders have experienced failure, with almost 30pc starting or being employed at a business which failed. Of this group, four-fifths of CEOs who failed believed this experience was important in helping them in their current venture, while some found it enhanced their ability to form highly effective teams.

Down added: “Failure along the way should not be feared. The experiences of CEOs shape their skills and working styles – both of which are central to how they manage and lead their businesses.”

London remains the launch-pad for tech success, with 64pc of the Fast 50 based in the capital, including eight in the top 10. The capital maintains its particularly strong performance in fintech, being home to 13 of the 15 winners.

Down said: “Supported by the presence of large financial institutions, a strong international talent pool, and proximity to potential investors, the capital continues to be the heartland for the country’s leading technology companies.”

Further reading

Europe raises record-breaking €10.6bn of venture capital in first half 2019

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