Britain’s status as a global fintech capital proves key as the country’s privately-owned tech firms achieve record sales growth on our 19th annual Sunday Times Hiscox Tech Track 100 league table. Over their last three financial years, sales rose between 49% p.a. and 508% p.a. from £600m to £3.4bn, a record average growth rate of 105% p.a. — see below for an overview.
For detailed findings, download our research report, or click the image below for the full supplement.
Leading tech entrepreneurs are delivering on their promises with triple digit sales growth on this year’s Sunday Times Hiscox Tech Track 100.
Such rates of growth have not previously been recorded in our definitive ranking of Britain’s fastest-growing private technology firms, now in its 19th year.
The 100 companies have achieved a record growth rate of 105% pa over three years to a total of £3.4bn in combined sales, up from £600m three years ago. When the first Tech Track 100 was published in 2001, total sales were £414m.
Investors with deep pockets have helped sustain sales growth while profits play catch up. Half of the companies (49) reported a loss, of which 46 are backed by venture capital or private equity firms, or business angels.
Top of the league
The number one company is Revolut, the digital banking services provider. Founded by CEO Nikolay Storonsky, 35, and CTO Vlad Yatsenko, 36, it is backed by a flush of venture capital firms, armed with 6m customers, and valued at $1.7bn.
Revenues grew 508% a year, from an annualised £260k in 2015, to £58.3m in 2018, as tech-savvy consumers were sold on the vision of streamlining all their financial affairs – from stock trading to rent payments – into one simple app.
Focus: Fintech UK
The strength of Britain’s financial technology sector is the overriding story of the 2019 league table, with a record number of fintech firms (24) achieving a place. They generated £1.1bn in sales in their latest financial year and employ 5,600 staff.
Examples include gohenry (No 44), which provides pre-paid debit cards for children; and Bought by Many (No 37) which helps people with complex insurance needs – from surfers to diabetes sufferers – buy specialist insurance more cheaply.
Detailed research findings
Detailed research findings are covered in our 26-page research report — please click to download.
National awards dinner
We look forward to welcoming the founders and directors of the Tech Track 100 companies to this year’s invitation-only networking awards dinner in November, with fantastic guest speakers from Britain’s leading technology firms:
- Stephen Fitzpatrick, founder and chief executive of OVO, which serves 1.5m customers and is developing technology to integrate electric vehicles onto the national grid.
- Tim Steiner, co-founder and chief executive of Ocado, the online grocery retailer which featured on Tech Track 100 in 2006 and 2007; floated in 2010 and is now valued at £8.5bn.
See last year’s event video.
To meet and build relationships with the founders and directors of the UK’s most successful private companies, from the fastest-growing to the biggest, see available sponsorship opportunities.