ClearBank named UK’s fastest-growing tech company in 2021

By Oliver Smith on Monday 22 November 2021

Digital Banking

A dozen fintechs, including Moneybox, Revolut and Modulr, were named in Deloitte’s annual Technology Fast 50 ranking.

ClearBank named UK’s fastest-growing tech company in 2021
Image source: Charles McManus/ClearBank.

ClearBank’s phenomenal annual growth of over 21,000 per cent over the last four years helped propel the fintech into the number one spot on Deloitte’s annual ranking.

The Deloitte UK Technology Fast 50 compares the revenue growth rate of the country’s top tech firms for the last four years to find which are experiencing the fastest growth.

This year a dozen fintechs, including ClearBank, were named among the top 50, with familiar names like Paysend (ranked 3rd), Modulr (42nd) and Moneybox (45th).

ClearBank said the growth was attributed to the huge adoption of banking-as-a-service (BaaS) over the last few years, along with the fintech’s 1 per cent market share of faster payments in the UK.

“Our technological innovation, robust regulatory foundation and strong industry relationships have all helped us to get to this point,” said CEO Charles McManus.

“We have yet more firsts to announce before the close of the year, which will allow us to build upon our foundation of delivering the simplicity that customers have come to expect.”

It’s also clear from this year’s list just how competitive the fintech sector is becoming, with Revolut pushed down from 1st place in 2019 down to 25th on the list today.

Other repeat names on the list included DivideBuy, returning for the third year in a row, now at 43rd on the list after being named 1st in 2020.

“Having previously ranked first and fourth, making it onto Deloitte’s Technology Fast 50 list for the third consecutive year is a major achievement for DivideBuy,” said CEO Robert Flowers.

“To be recognised once more is a clear indicator that our solution is exactly what the market needs at this time, as the retail world slowly begins to open up following the devastating effects of the pandemic.”

The full ranking of the Fast 50 can be found here.

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