London firms came out on top in Deloitte’s annual ranking of the UK’s 50 fastest growing technology companies.
The country’s top 50 tech firms achieved an average growth of 3,337 per cent and saw combined revenues of £2.92bn this year, up 33 per cent compared to last year’s total of £2.2bn.
The final score sheet revealed that 78 per cent of top tech companies are based in the Capital with Clearbank, a payment and banking services provider, crowned as the overall winner, having achieved an average three-year growth rate of 21,569 per cent.
Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, said: “the extraordinary growth of this year’s Fast 50 represents the remarkable tenacity of the UK’s technology industry.”
“At any time, Clearbank’s three-year growth rate of 21,569% would be impressive, but remarkably they have achieved this during a period of change and economic uncertainty,” he continued.
Commenting on the company’s outstanding growth chief executive Charles McManus said, “Clearbank started as six people in a basement office in the east end of London. We now have more than 350 employees based across the UK, with 170 businesses using our platform, and another 150 in the process of coming on-board.”
Clearbank claims to be the first new, full-service clearing bank plugged directly into the UK’s payment infrastructure for 250 years. The company provides embedded banking services to 5,500 regulated financial institutions, from banks and FinTech businesses to credit unions.
Airtime Rewards, a North West-based consumer spending tracker service, with a growth rate of 16,907 per cent ranked in second place whilst payment processing service, Paysend, ranked in third place with an overall revenue growth rate of 14,498 per cent.
Previous companies to win Deloitte’s Fast 50 award include Deliveroo and payments giant Revolut.