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You are at:Home»News»Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings
Tech Fast 50

Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings

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Posted By sme-admin on November 17, 2023 News

Deloitte has announced, Friday 17 November 2023, 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.

Allica Bank named overall winner

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.”

Capital raising and AI dominate CEO agenda

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.”

Capital continues to carry the torch for UK tech start-ups

 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%).

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.”

Ends

2023 UK Technology Fast 50

Rank

Company Name

Sector

Region

Growth

1

Allica Bank

Fintech

London

85,438%

2

Yoto

Software

London

66,572%

3

Hypervolt

Environmental Tech

London

19,236%

4

Freetrade

Fintech

London

18,090%

5

The Original Fit Factory

Software

Scotland

14,854%

6

Birdie

Software

London

5,435%

7

Cera

Software

London

4,842%

8

YuLife

Fintech

London

4,832%

9

Veremark Ltd

Software

London

4,592%

10

Urban Jungle

Fintech

London

4,102%

11

OnBuy.com

Media & Entertainment

South West and Wales

3,263%

12

Perlego

Software

London

2,866%

13

Freemarket

Fintech

London

2,579%

14

Adarga

Software

London

2,468%

15

Diginius

Media & Entertainment

London

1,768%

16

Cleo

Fintech

London

1,445%

17

ion Ventures

Environmental Tech

London

1,426%

18

Deeper Insights

Software

London

1,414%

19

Utopi

Environmental Tech

Scotland

1,400%

20

Reconome

Environmental Tech

London

1,288%

21

MyTutor

Software

London

1,266%

22

Sprift Technologies Ltd

Software

London

1,229%

23

Definely

Software

London

1,217%

24

Warwick Acoustics

Hardware

Midlands

1,167%

25

Plum

Fintech

London

1,086%

26

Moneybox

Fintech

London

1,047%

27

ClearBank

Fintech

London

996%

28

Uni Compare

Software

London

992%

29

Moasure

Hardware

Midlands

976%

30

Threedium

Software

London

962%

31

Smart

Fintech

London

944%

32

Rovco

Environmental Tech

South West and Wales

891%

33

KidsKnowBest

Media & Entertainment

London

869%

34

Amiqus Resolution

Fintech

Scotland

862%

35

Digital Reality Corp Ltd

Software

London

854%

36

Deep Casing Tools Ltd

Environmental Tech

Scotland

850%

37

Multiverse

Software

London

839%

38

Intruder

Software

London

836%

39

Bramble Energy Ltd

Environmental Tech

South East

811%

40

Deazy Limited

Software

South West and Wales

753%

41

YardLink

Software

London

753%

42

UniHomes

Software

North East

643%

43

Cognism

Software

London

633%

44

Emotech

Software

London

629%

45

Zen Educate

Software

London

622%

46

Prolific

Software

London

613%

47

Forecast

Software

London

610%

48

Goodlord

Software

London

608%

49

Quorso

Software

London

600%

50

Globacap Technology Ltd

Software

London

595%

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