The UK Technology Fast 50 annually showcases the country’s fastest growing tech companies, ranked by revenue growth over a three‑year period. It is the UK’s longest‑running business growth awards programme, and as the high growth sector has transformed in lockstep with the meteoric rise of the UK tech scene, we have been there every step of the way, recognising some of the most successful startups of the last few decades.
This year’s Fast 50 boast total revenues of almost £2 billion between 2023 and 2024, with an average growth rate of 2,468% since 2021.
Emerging Growth Insights and the Fast 50
Foreword
Kiren Asad, UK Technology Fast 50 Lead Partner
For 27 years, Deloitte Technology Fast 50 programme has celebrated the dynamism and innovation of UK high-growth tech companies. Today’s scaleups are as charged as ever, continuing to demonstrate resilience and ambition within a challenging economic landscape.
This year’s Fast 50 boast total revenues of almost £2bn between 2023 and 2024, with an average growth rate of 2,468% since 2021. These impressive figures underscore the significant impact entrepreneurs have on the UK economy – a fact further reinforced by Deloitte’s research conducted with Shopify, in which we compiled a global entrepreneurship index.
“The ambition to exit remains strong – and optimism prevails amongst CEOs.”
This index places the UK second in the G7 for the contribution entrepreneurs make to the overall economy. The index also found that UK entrepreneurs generate around £30bn of business activity each year and have continued to grow their exports by high single digital percentages each year, despite headwinds from Brexit.
The current climate, and the shift since the early COVID years, requires a strategic recalibration, prompting entrepreneurs to carefully consider the complexity, timing and profitability of their exit strategies. The ambition to exit, however, remains strong – and optimism prevails amongst CEOs looking to fundraise, signifying continued confidence in the long-term potential of the UK tech sector.
As we look ahead, the UK’s attractiveness as a destination for high growth tech companies will depend on its ability to adapt to this evolving landscape. The companies featured in this report, with their tenacity and innovative spirit, provide a dose of optimism and hope for UK tech amidst tough times. Their journeys offer valuable insights for aspiring entrepreneurs and investors alike, highlighting the importance of strategic planning, adaptability, and a commitment to building sustainable businesses.
is the top region for Fast 50 companies
is the top sub-sector for Fast 50 companies
of funding raised by Private Equity and Venture Capital
of respondents aim to expand into the US in the next 1‑2 years
of respondents aim to raise growth capital in the next 1‑3 years
of respondents intend to exit their business in the future
number of exits by Fast 50 alumni
number of exits by tech companies (2023)
largest exit (£7.96b) by a high‑growth tech company (2019‑H1 2024)
The Fast 50 represents some of the most ambitious and rapidly growing technology companies in the UK.
Companies featured in the Fast 50 are ranked according to their revenue growth over a three‑year period. In addition, qualifying companies must fall into the category of being “technology‑enabled.” Technology‑enabled companies employ technology as a tool to enhance their business model. It can range from owning intellectual property to being heavily engaged in technological research and development. The following analysis discusses the data behind this year’s Fast 50, examining the top tech sub‑sectors for these companies, their geographical distribution, and investment trends.
While the Fast 50 companies represent just a fraction of the UK’s tech landscape, they provide key insight into sectors fuelling broader industry growth.
Since 2019, 43 companies from this year’s Fast 50 have collectively secured £3.31b of equity investment via 191 deals.
A striking 88.4% of Fast 50 companies have all-male founding teams, a pattern also reflected in the UK’s scaleups (businesses achieving an average of 20% annual growth over three years) according to Beauhurst.
This year’s Fast 50 reports a total turnover of £1.93b, more than double the figure from last year. Starling Bank, Zopa, ClearBank and Allica Bank collectively account for an impressive 90.4% of this total. However the median turnover of £9.6m still reflects strong revenue across the broader list of companies.
Starling Bank contributes to 41.3% of the total Fast 50 workforce. Most Fast 50 companies are considerably smaller, with a median headcount of just 36 employees.
total turnover
total employees
Starling Bank contributes to 41.3% of the total Fast 50 workforce. Most Fast 50 companies are considerably smaller, with a median headcount of just 36 employees.