London-based Allica Bank has topped Deloitte’s annual ranking of the UK’s 50 fastest growing technology companies.
The top three — Allica Bank, Yoto and Hypervolt — all come from different sectors this year, including fintech, software and environmental tech.
Together, the Fast 50 winners have an average four-year growth rate of 5,473%, possess total revenues of £801m, and employ nearly 15,000 people in the UK.
London has dominated this year in terms of carrying the largest growth, with nine out of top 10 being from the capital.
Allica Bank tops the ranks with a 85,438 per cent growth rate, which is the third-largest average growth rate in the awards’ 26-year history.
Employing over 450 people and specialising in banking for small and medium-sized enterprises, Richard Davies, chief executive of Allica Bank said: “We are about people and data.”
Davies added: “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.”
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: “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.”