Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings
- Online banking platform Allica Bank 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 average growth of 85,438% over the four years to 2022/23, the third-highest growth rate in the award’s 26-year history. It is.
- Fast 50 companies generated a total of £801m in revenue in 2022/23, employed 14,956 people, and had an average four-year revenue growth of 5,473%, an increase of 19% year-on-year.
Deloitte today announced the winners of the 2023 UK Technology Fast 50 Awards. The awards recognize and rank the UK’s 50 fastest growing technology companies based on four-year average revenue growth and are sponsored by Multiverse, Oracle NetSuite, BGF and HSBC Innovation Banking. Masu.
The 2023 Fast 50 winners have a four-year average growth rate of 5,473%, total revenues of £801m in 2022/23 and employ around 15,000 people in the UK.
Allica Bank is named overall winner
Fintech company Allica Bank is the overall winner of the UK Technology Fast 50 Awards for 2023, achieving an average growth rate of 85,438% over the four years to 2022/23. This is his third highest average growth rate in his 26-year history in the UK. award. Founded in 2019, the London-based business has over 450 employees and specializes in technology-enabled banking for small and medium-sized businesses.
In second place is Yoto, a London-based software company specializing in interactive audio for children, with an average revenue growth rate of 66,572%. Hypervolt, a maker of electric vehicle charging technology, ranked in his third place with an average revenue growth rate of 19,236%. Hypervolt is also the inaugural winner of the CleanTech Award, which recognizes the contribution of his Fast 50 environmental technology companies towards achieving the UK’s net zero target.
This year’s top three companies are from different sectors: fintech, software, and environmental technology. Software remains the dominant area, accounting for 54% of all winners.
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, commented:
“As businesses continue to navigate turbulent economic conditions, the UK technology sector remains a symbol of resilience, talent, innovation and competitiveness. Our congratulations to all the winners.”
Richard Davies, CEO of Allica Bank, said: Over the past three years, we have built significant internal capabilities in both engineering and product. This is essential for the target segments we serve, which combine complex needs and volumes. This leads to low value, inconvenient and impersonal service from existing players. So we’re building our own proprietary software to solve these customer needs at scale.
“We are aware that our sole purpose is to provide existing small and medium-sized businesses with a full-service alternative to the big banks. It is important that we are completely clear about our target segment. , it is incredibly rewarding for us to feel like we are making a difference to a company that accounts for a third of the UK economy and jobs.”
Funding and AI dominate CEOs’ agendas
In a survey of CEOs and executives from Fast 50 award-winning companies, nearly two-thirds (63%) highlighted raising capital as a core objective for the next two years. Additionally, 67% of respondents said they were actively seeking funding or had attempted to do so in the past 12 months. However, raising capital remains difficult, with half (49%) of businesses claiming that the total amount of equity investment secured this year has decreased.
Meanwhile, 79% of respondents expect artificial intelligence (AI) to impact their markets and operations, with 18% of companies citing the impact of automation and AI as core to their business goals over the next two years. ing.
Assad added: “Despite economic headwinds, it is clear that the country’s startups continue to innovate. Many of these companies are finding new ways to raise capital in a cautious investment environment. At the same time, we will remain agile to new technologies and external factors that may change the way we 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 10. Additionally, 10 of the 11 fintech companies ranked include online investment platform Freetrade (4th place overall with 4-year growth rate of 18,090%) and insurance and financial services provider YuLife (8,090% overall) is based in the capital. 4-year growth rate of 4,832%).
DiGuinius, this year’s winner in the Women’s Leadership category (15th overall, 1,768% four-year growth), is also from the capital.
Standout performers outside of London include Scottish-based wellbeing and fitness app The Original Fit Factory (5th overall with 14,854% four-year growth) and South West-based online marketplace Includes platform OnBuy. 3 years in a row. Midlands-based audio hardware company Warwick Acoustics rounded out the top half (24th overall with his 1,167% four-year growth rate).
Mr Assad said: “London continues to be the UK’s fastest growing hotbed for technology companies. But while the city is known as a global hub for fintech, it is particularly impressive that Diversification as different sub-sectors choose London as their home base.
“Despite London’s dominance, growth across the UK’s regions remains strong. From Scotland to the south coast, the ingredients are in place to enable growth in the UK’s emerging technology sector.”
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UK Technology Fast 50 2023
About Deloitte UK Technology Fast 50
Deloitte UK Technology Fast 50 is one of the UK’s leading technology awards programmes. Now in its 26th year, the ranking ranks the nation’s 50 fastest-growing technology companies based on revenue growth over the past four years. The UK Fast 50 Awards are aimed at growth driven by cutting-edge intellectual property and celebrate innovation and entrepreneurship. Previous winners have come from across the UK, both large and small, and include some of the most dynamic companies in every technology sector, from IoT to biotech, digital media technology to life sciences, fintech to software, clean energy to communications. .
For more information please visit www.fast50.co.uk.
Deloitte UK Technology Fast 50 eligibility criteria
The parent company must be UK-owned and headquartered in the UK.
The company must have an operating income of £42,000 (€50,000) in the base year (year 1) and an operating income of at least £850,000 (€1,000,000) in the current year (year 4).
Note: Base year accounting must have an accounting period ending between June 1, 2019 and May 31, 2020. Additionally, the accounting period for the most recent fiscal year must end between June 1, 2022 and May 31, 2023.
of Fast 50 Women in Leadership This category recognizes companies in the Technology Fast 50 that are led by a female* CEO or whose founding team is at least 50% female. The ranking will continue to be judged based on revenue growth over the past four years, and the eligibility criteria will remain the same as the UK Tech Fast 50.
*The terms “woman” and “women” are interpreted to include all people who identify as women or women and are associated as such with their current employer.
of clean tech This category is new for 2023 and recognizes climate technology companies included in the Technology Fast 50, which recognizes their contribution to the UK’s net zero ambitions. Eligible companies are those that meet the Fast 50 entry criteria and produce or use technologies, tools, products, and services that support emissions reductions. This will lead to the promotion of a circular economy through the recycling, regeneration, and reuse of resources. and promote the well-being of people, communities and nature through sustainable agriculture, clean air and water, resilient communities and cities, and the preservation and restoration of natural ecosystems.
About the multiverse
In collaboration with Deloitte, all members of the community are free to utilize unspent levy funds to upskill and support retention of current employees (digital/data/leadership/transformation across each path) or create diverse and equitable routes to early talent roles. Professional development programs.
Multiverse is a startup with a mission to create a diverse group of future leaders by building a superior alternative to university and corporate training. They offer levy-funded professional development programs to people looking to grow their careers.
Multiverse works with over 500 companies to help them embrace digital transformation, close skills gaps, and develop diverse talent pipelines. Employees benefit from personalized coaching, applied learning, and a community of social, networking, and leadership opportunities. If you would like to find out more about the free development opportunities available to your company as a member of the UK Technology Fast 50 community, please contact us.
About Oracle NetSuite
Oracle NetSuite’s cloud business software suite is the key to unlocking and managing growth – a back office system that can meet today’s challenges while providing a critical foundation for future expansion. It’s the top choice for technology companies that understand.
Today, more than 36,000 companies trust NetSuite to run mission-critical business processes from accounting, procurement, and human resources to marketing and sales. His track record with NetSuite as the business system of choice for high-growth technology companies is unparalleled. NetSuite isn’t just for startups; companies of all sizes can benefit from a comprehensive, global finance and accounting core that makes international expansion easier. Improve visibility across your business. Increase efficiency by eliminating manual processes and disparate systems.
About BGF
Since 2011, BGF has invested £3.8bn in over 550 companies. Of all the sectors we invest in, technology makes up the largest share of our portfolio.
We have supported over 100 technology businesses and £500m to support ambitious business growth plans across a wide range of technology sub-sectors including mobile apps, managed services, cloud computing, climate technology and life sciences. Nearby capital has been provided. more.
BGF, which has 15 offices across the UK and Ireland, will make an initial investment of between £1 million and £20 million for a minority stake. We work with some of the UK’s most exciting technology brands, from unicorns like Gousto and Paddle to breakthrough innovators like Oxa (self-driving cars), AND Digital (cloud computing) and MyZone (wearable technology). I did.
Technology remains an incredibly exciting space and BGF’s investment team looks forward to backing even more innovative technology businesses in the coming years.
About HSBC Innovation Banking
HSBC Innovation Bank Limited provides commercial banking and lending services, expertise and insight to the technology, life sciences, healthcare, private equity and venture capital industries. HSBC Innovation Bank Limited is a subsidiary of the HSBC Group and benefits from its stability, strong credit ratings and international reach to drive growth.
About Deloitte
References to “Deloitte” in this press release refer to Deloitte Touche Tohmatsu Limited (“DTTL”), a UK company limited by guarantee, and one or more of its network of member firms. Each company is a legally separate and independent business entity. .
For more information about the legal structure of DTTL and its member firms, please visit deloitte.com/about.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, a member firm of DTTL and one of the UK’s leading professional services firms.
The information contained in this press release is correct at the time of press release.
For more information, please visit www.deloitte.co.uk.
