Online banking platform Allica Bank has topped Deloitte’s UK Technology Fast 50 awards for the second year running, a ranking of the UK’s 50 fastest growing technology companies.

The London-based bank reported a three-year growth rate of 13,411 per cent to the year 2023/24.

The combined revenue of the Fast 50 companies totalled £1.93bn in 2023/24, with an average revenue growth of 2,468 per cent over a three-year period.

Deloitte has announced the winners of the 2024 UK Technology Fast 50 awards, which recognise and rank the 50 fastest-growing technology companies in the UK.

It’s based on average revenue growth over a three-year period, and are sponsored by Citi, Oracle NetSuite and Tipalti.

The 2024 Fast 50 winners have a collective average three-year growth rate of 2,468 per cent, and generated total revenues of £1.93bn in 2023/24.

London calling

Almost three quarters (70 per cent) of the 2024 Fast 50 winners hail from London, including four of the top five, as the UK capital remains the hub for technology start-ups and investment in the UK.

Fintech company Allica Bank returns as the overall winner of the Fast 50 awards, having achieved a three-year growth rate of 13,411 per cent to the year 2023/24.

The London-based business, which topped the ranking in 2023 with the competition’s third largest ever growth rate, specialises in banking for small and medium-sized businesses.

Richard Davies, CEO of Allica Bank said: “Our growth is a result of successfully executing our strategy at pace. We see no one else building a full-service replacement for the high street banks for established SMEs – offering a tech driven mix of current accounts, savings and all types of lending – which gives us a unique position in a segment that makes up a third of the economy.

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“There is no magic secret to our growth – just a clear strategy and continuous work from our talented team. We are not focused on what others are doing, just on building an excellent business that really delivers on our target customers’ needs. If we do that right, we’ll be well positioned for whatever comes next.”

In second place is ZOE, a London-based science and nutrition company specialising in personalised nutrition, with a three-year growth rate of 9,533 per cent.

Jonathan Wolf, co-founder and CEO of ZOE, added: “We are delighted to be ranked so highly in the Deloitte Fast 50. This award motivates us to keep innovating and challenging a broken food environment, in our mission to transform the health of millions.’

Regional boost

Outside of London, this year’s third place winner is Manchester-based UrbanChain with a three-year growth rate of 8,810 per cent.

The energy tech business, which offers peer-to-peer energy exchange services, also claimed both the CleanTech and Women in Leadership awards for 2024, given the commitments of their female-founder and CEO to green technology.

Founder Somayeh Taheri said: “It’s an exciting stage in our growth at UrbanChain. It’s so exciting to be recognised in this way, and in three categories, too.

“I’m so proud of our team. We’ve grown fast to over 50 talented, driven people who are committed to the climate, helping solve fuel poverty and shaking up our outdated energy market.”

Other standout performances outside of London include South East-based digital marketing consultancy, Evolution Engineers (10th overall, with a three-year growth rate of 2,975 per cent), and Midlands-based Previsico, a flood forecasting platform (14th overall, with a three-year growth rate of 2,714 per cent).

Scotland-based Utopi, an environmental tech company working with property firms, returns to the top-half of the ranking (18th overall, with a three-year growth rate of 2,156 per cent).

    1. Allica Bank
    2. Zoe
    3. UrbanChain
    4. SourceWhale
    5. Seat Unique
    6. Zilch
    7. Secret Food Tours
    8. Summize
    9. Ride Tandem
    10. Evolution Engineers
    11. com
    12. Hozah
    13. Veremark
    14. Previsico
    15. PolyAI
    16. Quorso
    17. Low 6 Limited
    18. Utopi
    19. Ion Ventures
    20. Yoti
    21. Hypervolt
    22. OnHand
    23. Moneybox
    24. Carbon Clean
    25. LendingCrowd
    26. ANNA
    27. Yoto
    28. Juice Ventures
    29. NayaOne
    30. Zen Educate
    31. Zenzero
    32. Moasure
    33. Sprift Technologies
    34. System Loco
    35. Zopa Bank
    36. Halo Service Solutions
    37. ClearBank
    38. Urban Jungle Insurance
    39. WeDiscover
    40. Iplicit
    41. Wagestream
    42. Flagstone
    43. Duel
    44. Flow Global
    45. Seatfrog
    46. bio
    47. Switchee
    48. Starling Group
    49. Plum
    50. LatentBridge

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