A thriving fintech firm has topped this year’s Deloitte UK Technology Fast 50, which recognises the country’s fastest-growing technology companies based on the last 4 years’ revenue growth.
WorldRemit scooped the top award, beating other businesses with an average 4-year growth of 20.385%.
With its HQ in London, WorldRemit is an online international money transfer service available on mobile devices and computers. Co-founder and CEO, Ismail Ahmed, drew ideas from his own experience of sending money back to Somaliland whilst a student in the UK.
Attracting significant venture capital investment in the last few years, the digital service lets people send money instantly to friends and family in more than 125 international destinations through a network of correspondents, banks and telcos.
Ismail wanted to give people a quick, convenient remittance service that didn’t require customers to go to a store and fill out forms. He adds:
“Secondly, I wanted to build a business that could efficiently comply with anti-money laundering regulations. WorldRemit achieves both those aims.” Ismail Ahmed, WorldRemit
Other fintech enterprises are prominent in this year's list, with companies such as Funding Circle, Carfinance247 and Zopa ranking.
David Cobb, lead partner for the Deloitte UK Technology Fast 50, thinks that given London’s status as a global financial hub, this is to be expected. He explains:
London provides a perfect platform for fintech businesses to grow – such businesses can expect to generate significant revenue in this market alone. David Cobb, Deloitte
The Technology Fast 50 companies reported an average 4-year growth of 1.883% and generated a combined revenue of £820 million in 2014/15, with many seen as disruptive in traditional industries rather than creating new markets.
Deloitte’s awards survey among 160 entrants also revealed:
- The main threat to the next 12 months’ growth is a lack of new talent, according to 35% of Fast 50 tech CEOs.
- 78% of entrants said their main source of funding in the last 5 years came from money generated by the business, with many using Entrepreneurs’ Relief and Research and Development Relief to make tax savings and refunds.
- Many of the Technology Fast 50 entrants have aspirations to expand overseas with the USA cited as the biggest opportunity.
- Fledgling tech companies are benefitting from a more relatively positive economic environment.
- Tech CEOs’ key priorities include offering an attractive working environment, allowing staff to bring their own devices to work and flexible working options.
If you think your tech company has a chance of winning in 2016, email to join the Fast 50 Community List to hear when nominations are open.