ClearBank, the payment and banking services provider, has topped Deloitte’s 2021 UK Technology Fast 50 awards, a ranking of the UK’s 50 fastest growing technology companies. Cambridge Network member Wonde placed fifth.
ClearBank champions in Deloitte’s 2021 UK Technology Fast 50 awards with East Anglian based Wonde ranking 5th
ClearBank, the London-based FinTech company, reported an average three-year growth of 21,569% to the year 2020/21
Fast 50 companies generated a combined revenue of £2.92 billion in 2020/21, an increase of 33% from last year’s total of £2.2 billion, and employ 19,320 people, with an average revenue growth of 3,337% over a three-year period.
The Deloitte UK Technology Fast 50 awards recognise and rank the 50 fastest-growing technology companies in the UK, based on average revenue growth over a three-year period, and are sponsored by Barclays and Oracle NetSuite.
This year’s Fast 50 businesses showcase an average growth rate of 3,337% and total revenues in 2020/21 of £2.92 billion, employing 19,320 people in the UK.
ClearBank unveiled as 2021 Fast 50 winner
The payment and banking services provider ClearBank is the overall winner of the 2021 UK Technology Fast 50 award, having achieved an average three-year growth rate of 21,569% to the year 2020/21.
The London-based business employs 350 people and delivers real-time payment and digital banking services, marketing itself as the first new full-service clearing bank for 250 years.
In second place is Airtime Rewards, the North West-based consumer spending tracker service, with a growth rate of 16,907%. Payment processing service, Paysend, ranks in third place with an overall revenue growth rate of 14,498%.
Wonde - based in Newmarket - was the East Anglian/South East region winner. Wonde, a platform that provides tools to manage school data, was fifth overall with a three-year growth rate of 10,792%.
Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “The extraordinary growth of this year’s Fast 50 represents the remarkable tenacity of the UK’s technology industry. The country’s 50 fastest-growing technology companies in 2020/21 have achieved combined revenues of nearly £3 billion, an increase of 33% from last year’s total of £2.2 billion, showing the clear contribution that innovation is making to the UK’s economic recovery.
“At any time, ClearBank’s three-year growth rate of 21,569% would be impressive, but remarkably they have achieved this during a period of change and economic uncertainty. Deloitte’s 2021 Fast 50 awards are a clear demonstration of the wealth of talent, creativity, and entrepreneurship in the UK’s technology industry today. I would like to personally congratulate all the winners and entrants for this year’s awards.”
Charles McManus, CEO of ClearBank said: “Deloitte’s Fast 50 is a prestigious award; one we were very keen on winning.
“ClearBank started as six people in a basement office in the east end of London. We now have more than 350 employees based across the UK, with 170 businesses using our platform, and another 150 in the process of coming on-board. We’re the first new, full-service clearing bank plugged directly into the UK’s payment infrastructure for 250 years and we are completely focused on providing the best embedded banking services to 5,500 regulated financial institutions, from banks and FinTech businesses to credit unions. We are growing quickly and now service around 1% of UK faster payments and we see no reason why we won’t be five or even ten times larger – we’re powering forwards!”
Technology innovation shines through economic crisis
When asked about the main drivers for growth, 46% of this year’s Fast 50 business leaders cited the development of new products or services that did not exist before as the main driver of revenue growth. For 27% of the Fast 50, improving versions of existing products or services in the market has been the main revenue driver.
Down added: “The challenges posed by the pandemic have been a driver for innovation, as businesses have been forced into creating and adapting to new technologies and ways of working. Technology innovation is pulling the UK’s economy up by its bootstraps.”
The Deloitte Cambridge office comprises 8 Partners and over 250 staff who deliver a full range of professional services to the East Anglian region. As well as focussing on the life sciences and technology sectors for which the region has become so renowned, the office has long standing specialisms in other sectors including the professions, consumer business, food and agribusiness.