Revolut banks first-place in Deloitte’s 2019 UK Technology Fast 50 ranking Bookmark has been added
Revolut banks first-place in Deloitte’s 2019 UK Technology Fast 50 ranking
8 November 2019
- Revolut has topped Deloitte’s ranking of the UK’s 50 fastest growing technology companies;
- The UK FinTech company reported an average three-year growth rate of 48,477% to the year 2018/2019, the fourth-highest revenue growth in the 22-year history of the competition;
- The Fast 50 companies generated a combined revenue of £650m in 2018/19, employing over 8,700 people, with an average revenue growth of 3,878% over a three-year period.
Deloitte has today announced the winners of the 2019 UK Technology Fast 50 awards. The awards recognise and rank the 50 fastest-growing technology companies in the UK, based on the last four years of revenue data, and are sponsored by DLA Piper, Oracle NetSuite and Silicon Valley Bank.
This year’s cohort of winners represent companies at the forefront of the sector, with more than 8,700 employees across the 50 companies, an impressive average growth rate of 3,878% and total revenues in 2019 of over £650m.
Revolut revealed as 2019 Fast 50 winner
FinTech business Revolut is the overall winner of the 2019 UK Technology Fast 50 award, having achieved an average three-year growth rate of 48,477% to the year 2018/2019 – the fourth-highest growth in the history of the UK Fast 50 competition.
FinTech businesses ranked as the top three fastest-growing companies in this year’s competition, with Credit providers OakNorth (37,449%) and Dividebuy (23,878%) achieving second and third place respectively.
Overall, FinTech businesses comprise 30 per cent of this year’s winners, including six businesses in the top ten. Software businesses continue to make up the largest proportion of winners, up to 48 per cent from 40 per cent last year.
Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, commented:
“The pace of growth from this year’s Fast 50 is nothing short of exceptional, and testament to the innovation and success enjoyed by the UK’s technology industry today. The sector continues to thrive despite market uncertainty, which is largely due to the drive, resilience and creativity of the teams being celebrated in these awards. I would like to offer my personal congratulations to every one of this year’s winners on the outstanding growth they have enjoyed.
“Revolut achieving the fourth-highest growth in the history of the Fast 50 competition within an uncertain economic climate is remarkable. Fintech businesses have performed particularly strongly in this year’s awards, demonstrating that the UK is fertile ground for start-ups in the sector.”
Richard Davies, chief operating officer at Revolut, said:
“I don’t think there is a more exciting company in the world right now than Revolut. We are just in the first stages of expansion, and see phenomenal potential to create a truly global brand in the coming years. Our challenge now is to make sure the business and structure scales at the same pace, and that we continue to invest in our people and processes.
“Deloitte's Fast 50 ranking is a fantastic showcase identifying the success of technology start-ups in the UK. Revolut being recognised in these awards highlights just how far we have grown in the industry.”
The path to becoming a Fast 50 CEO
When it comes to success in launching a profitable technology company today, the majority of leaders have experience of working in the industry and founding a previous company, while a strong minority also share experience of failure.
As part of the UK Technology Fast 50 programme, Deloitte carried out a survey among the 80 entrants of this year's awards which looks at attitudes towards building a business, leadership and the personality traits of a successful CEO in technology today.
Eighty-one per cent of entrants started the business they lead today, with over half (56%) being co-founders and 25% solo founders. While 70% of survey respondents had prior industry experience, the remaining 30% did not have this experience before taking on the role.
Fast 50 CEOs have experienced their share of setbacks, with almost 30% starting or being employed at a company that failed. Of this group, four-fifths of CEOs who failed believe 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: “The role of CEO in a fast growing technology business is one of the most envied positions in the world of work today. The Fast 50 leaders are a mixture of founders and external hires, serial entrepreneurs and first-timers, highlighting that there are multiple paths to the top and that 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
This year’s winners hail from across the UK however London continues to dominate, with 64 per cent of the winners based in the city, including eight of the top ten. The capital maintains its particularly strong performance in FinTech, being home to 13 of the 15 winners.
Outside of the capital, standout performances include DivideBuy (3rd place overall, three year growth rate of 23,878%), the Newcastle under Lyme based interest free credit provider, and Oxford Nanopore (8th place overall, three year growth rate of 4,259 per cent). The latter, a Healthcare company focused on DNA sequencing, heads up four winners from a resurgent South East – which was absent entirely from the Fast 50 in 2018.
“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. However, standout performers are notable across the country in this year’s competition.
“No matter how the UK or global technology landscape changes, this year's Fast 50 companies have demonstrated their ability to prosper in a period of uncertainty, and look set to shape the UK technology sector for years to come.”
Note to editors
Photographs are available on request.
About the Deloitte UK Technology Fast 50
The Deloitte UK Technology Fast 50 is one of the UK’s foremost technology award programmes. Now in its 22nd year, it is a ranking of the country’s 50 fastest-growing technology companies, based on revenue growth over the last four years. The UK Fast 50 awards are all about growth driven by leading intellectual property and are a celebration of innovation and entrepreneurship. The UK Technology Fast 50 is part of an international programme run by Deloitte and qualifying entrants of the UK Fast 50 will be put forward to the Deloitte Technology Fast 500 EMEA (Europe, Middle East and Africa) programme. Previous winners have come from across the UK, are both large and small, and included some of the most dynamic players in all areas of technology, from internet specialists to biotech, digital media technology to life sciences, computers to semiconductors and software to telecommunications.
For more information visit www.fast50.co.uk
Deloitte UK Technology Fast 50 eligibility criteria
- The parent company must be UK-owned and have its headquarters in the UK;
- NB: Companies headquartered in Northern Ireland can take part in the UK OR Irish programme, but need to choose one or the other and cannot enter both.
- Operating revenues must be at least £42,000 (€50,000) for the first financial year of the four year period and £817,000 (€1,000,000) for the most recent financial year;
- NB: The accounts for the most recent financial year must have an accounting period ending between 1 June 2018 and 31 May 2019.
- All submissions must be accompanied by signed accounts for the first and last financial year being measured in the competition. Unless a statutory exemption is being taken, these accounts must be unabbreviated and audited.
If you have any further questions regarding whether your company qualifies, please contact email@example.com
About DLA Piper
DLA Piper is a global law firm located in more than 40 countries throughout Africa, the Americas, Asia Pacific, Europe and the Middle East, positioning it to help companies with their legal needs anywhere in the world.
Our global technology sector lawyers work across practice areas and offices to support technology clients wherever they do business. From startups to fast growing and mid-market businesses to mature global enterprises, our clients are companies that develop or create technology, are enabled by technology, or whose business model is fundamentally based on technology.
We strive to be the leading global business law firm by delivering quality and value to our clients. We achieve this through practical and innovative legal solutions that help our clients succeed. We deliver consistent services across our platform of practices and sectors in all matters we undertake.
About Oracle NetSuite
Oracle NetSuite is delighted to support the UK Fast 50 and celebrate the success of innovative companies at the forefront of the technology sector.
Oracle NetSuite’s cloud business software suite is the top choice of technology companies who understand that the key to unlocking and managing growth is a back office system that can address today’s challenges while providing the critical foundation for future expansion.
Today over 40,000 companies trust NetSuite to run their mission critical business processes from accounting, procurement and HR through to marketing and sales. NetSuite’s track record as the business system of choice for high-growth tech companies is unmatched. NetSuite isn’t just for start-ups, companies of all sizes benefit from its comprehensive, global financial and accounting core that makes international expansion straightforward; improved visibility across the business; and increased efficiency from eliminating manual processes and disparate systems.
About Silicon Valley Bank
Silicon Valley Bank is pleased to support the UK Fast 50 for the fifth consecutive year. We are dedicated to helping drive growth in the UK innovation economy and look forward to recognising the accomplishments and celebrating the success of fast-growing UK businesses.
For more than 35 years, Silicon Valley Bank has helped innovators, enterprises and their investors move bold ideas forward, fast. Today, we provide a wide range of banking and financing services to businesses of all sizes in innovation centres around the world. SVB Financial Group, the parent company of Silicon Valley Bank, has had a presence in the UK since 2004. The bank is committed to supporting disruptive technology and life science businesses within the UK’s vibrant innovation sector, including Learning Technologies Group, Trustpilot and Hello Fresh.
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.
Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk
Member of Deloitte Touche Tohmatsu Limited