Two Scottish companies – one that monitors and enhances building efficiency, and a fintech lending platform – have been named in the top 50 fastest growing tech firms in the UK.
Glasgow-based real estate ESG firm Utopi is placed 18th in the Deloitte ranking, making it the fastest-growing technology company in Scotland this year, with an average revenue growth of 2,156% over three years.
For the second year running, Utopi is also among the five businesses recognised in the CleanTech category, which recognises climate technology companies within the Technology Fast 50 ranking for their contribution to the UK’s Net Zero target.
Edinburgh-based lending platform, LendingCrowd, claimed 25th place in the ranking, with a growth rate of 1,253% over the three-year period.
The list ranks companies based on average revenue growth over a three-year period, and are sponsored by Citi, Oracle NetSuite and Tipalti.
The 2024 Fast 50 have a collective average three-year growth rate of 2,468% and generated total revenues of £1.93bn in 2023/24.
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “We continue to see the resilience of the UK’s technology sector.
“Amidst challenging economic conditions, these businesses have navigated their way to growth with tenacity, talent, and innovation in what remains a competitive market.”
Almost three quarters (70%) of the 2024 Fast 50 hail from London, including four of the top five, as the UK capital remains the hub for technology start-ups and investment in the UK.
Fintech company Allica Bank returns toppeed the list, having achieved a three-year growth rate of 13,411% to the year 2023/24. The London-based business, which topped the ranking in 2023 with the competition’s third largest ever growth rate, specialises in banking for small and medium-sized businesses.
