Originally published by Insider Magazine
Airts, LendingCrowd and Hubsolv named in Deloitte Technology Fast 50
Three Scottish-based firms have made it into an influential list of the UK’s top 50 fast growing tech businesses, up from just one in 2018.
Deloitte’s latest UK Technology Fast 50 ranking highlights firms with the highest revenue growth in the past four years.
Airts is the highest ranked Scottish firm at 19 with growth of 1,558%. The Edinburgh-based software house founded by friends Andrew Bone and Dr Alastair Andrew has developed a planning platform that uses artificial intelligence to manage people and projects.
LendingCrowd , the Edinburgh-based peer-to-peer lending firm, is ranked at 23rd with growth of 1,257%.
Glasgow-based insolvency and debt management software firm HubSolv is also listed at 33rd on the back of its 1,058% growth.
Last year only one Scottish firm – healthcare firm Synpromics – made the top 50.
Top of this year’s rankings is London-based challenger bank Revolut, 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. Standard Life Aberdeen’s Martin Gilbert, who is standing down from the Edinburgh group, is expected to take up the role of chairman at the firm.
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% of this year’s winners, including six businesses in the top 10. Software businesses continue to make up the largest proportion of winners, up to 48% from 40% last year.
Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, said: “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.”