Allica Bank named UK's fastest growing tech company

London-based Allica Bank has been named the UK’s fastest-growing tech company with more than 85,000 per cent growth.

The SME bank topped Deloitte’s ‘Technology Fast 50’ list, highlighting the fastest growing tech companies in the UK, and brought fintech back to the top spot on the list.

A fintech secured the top spot for three years in a row — Revolut (2019), DivideBuy (2020) and ClearBank (2021) — but was knocked off top place last year when gaming company Tripledot Studios swept in.

Now, fintech has returned, with four companies featuring in the top 10 — Allica Bank, Freetrade, YuLife and Urban Jungle — and 11 featuring on the list overall.

It was Allica Bank’s first time making the list, which ranks technology companies based on their revenue growth over the past four years, and its 85,438 per cent growth puts it at the fastest growing fintech and the third fastest growing tech company in the award’s 26-year history.

“We are about people and data. Over the last three years we’ve built out significant in-house capabilities both in engineering and product. This is a must for the target segment we serve, which combines complex needs and volume,” Allica Bank CEO Richard Davies said. 

“We know that our sole purpose is to provide a full-service alternative to high street banks for established SMEs – having total clarity of our target segment is critical,” he added.

“And it is super rewarding for us to feel we are making a difference to businesses that make up a third of the UK economy and employment.”

Each of the top three companies came from different sectors this year — fintech, software and environmental tech — with software and fintech making up the majority of the list.

Freemarket, Cleo, Plum, Moneybox, ClearBank, Smart and Amisqus Resolution rounded out the list of fintechs that made the top 50.

“The impressive growth amongst this year’s Fast 50 winners demonstrates the tenacity of the UK’s technology sector as it cements itself amongst the top locations for venture capital investment globally,” Deloitte UK Technology Fast 50 programme lead partner Kiren Asad said. 

“While businesses continue to navigate a turbulent economic landscape, the UK’s technology sector remains a symbol of resilience, talent, innovation and competitiveness. I would like to extend my congratulations to all of the winners.”