September 8, 2019 Researched and compiled by Fast Track BRITAIN’S Title sponsor Main sponsors FASTEST GROWING TECH PRIVATE TECHNOLOGY COMPANIES TRACK 100 TOM STOCKILL The smart money is funding fintech Despite concerns about its post-Brexit future, the sector is leading our most buoyant 100 yet, writes Richard Tyler intech firms — those in the event of a no-deal Brexit, amid fears the financial technology sector — UK may lose its fintech crown. But for have taken our league table of now it is thriving, as are the companies Britain’s fastest-growing pri- from the wide range of technology, media vate tech companies by storm. and telecoms industries represented on Though a regular feature of The this year’s league table. The 100 com- Sunday Times Hiscox Tech panies have increased their sales on aver- Track 100, now in its 19th year, age by a record 105% a year over three these software firms have risen years to a total of £3.4bn. in prominence and now make London remains the home for the up almost a quarter (24) of the league majority (57), but hyper-growth tech Ftable, including three of its six unicorns — firms feature in virtually all parts of the private companies with a $1bn-plus valu- UK this year, as Simon Calver of BGF high- ation. lights on page 6. Having raised £2.3bn in venture fund- Half are owned and run by their ing in the first half of 2019 — a record founders rather than venture investors, amount — the sector looks well posi- up from 40 on last year’s table. They tioned to maintain its growth: the cur- include Tharsus (No 79), a Northumber- rency specialist TransferWise (No 52) and land firm that manufactures autonomous the payment services firm Checkout.com robotic machinery, and the video- (No 38) are among those that have conferencing specialist StarLeaf (No 61) recently secured new funds to invest. in Watford. The latter has tapped outside Nikolay Storonsky conceived of Revolut when hit by high fees for sending money home to Russia. The fintech firm now handles $3bn of transactions a month Our No 1 company, Revolut, which pro- investors for funds and is among the 75 vides digital banking services, has raised companies on the table that have done 1 Revolut 507.57% financial affairs — from stock trading and merchants and applies a small mark-up admitted that Revolut’s astronomical $340m despite being among the young- so, down from 78 last year. Richard Digital banking services provider currency transfers, to travelling and to its currency exchange rate over the sales growth — averaging 508516%% per est companies on the league table. This Kauffer from N+1 Singer explores what When it featured among the Tech saving — using one simple app. weekend and on transfers above £5,000. annum over three years — has led to cash has helped it increase its sales 508% tech investors are looking for on page 8. Track Ones to Watch in 2017, Revolut Equipped with a versatile debit card, The brainchild of chief executive some management and culture issues. annually over the past three years to Having investors with deep pockets was a two-year-old start-up with they can spend money abroad in 150 Nikolay Storonsky, 35, and chief It has since bolstered its team with £58.3m, one of the highest rates of enables almost half the companies (49) to 800,000 people signed up to its currencies; convert pounds or euros into technology officer Vlad Yatsenko, 36, it former HSBC banker Richard Davies growth yet seen on Tech Track 100. sustain operating losses as they spend to mobile banking app, had raised £50m cryptocurrencies such as bitcoin; and is backed by a flush of venture capital joining as chief operating officer and Groups such as the Digital Finance develop their technology, secure orders and reported revenues of £2.4m. Now transfer money in 29 currencies at the firms, including Balderton Capital and David MacLean, formerly of Metro Forum, whose members include the and gain market share. armed with 6m customers, a $1.7bn interbank exchange rate. Premium DST Global. Rattled by the transfer fees Bank, as chief financial officer. Staff identity verification developer Onfido Others are using their products to valuation and a European banking account holders get overseas medical incurred when sending money home to numbers in 2019 have jumped from (No 8) and the business finance lender address social challenges, such as Azuri licence, it has stormed to the top of insurance and lounge passes for his native Russia, Storonsky — a former 700 to almost 1,200. iwoca (No 34), have called on the govern- Technologies (No 42), which is providing the main league table. airports, among other perks. currency trader — envisaged a simpler, Next up is a reported $500m ment to support the fintech sector in the pay-as-you-go power in Africa. Tony Revenues hit £58.3m last year as Revolut is not a British bank yet but digital solution. Yatsenko, a Ukrainian- investment round to fund further Spillett from BDO explores this theme Revolut handled $3bn worth of has Financial Conduct Authority (FCA) British software engineer, designed their expansion. That would value Revolut further on page 4. transactions a month. Its target approval as an “electronic money alternative at the Level39 tech at $5bn or more and see it poised to FAST TRACK Experience can count, with 27 of the demographic is tech-savvy people institution”. It takes a cut of the accelerator space in Canary Wharf. enter the new decade as Europe’s companies run by serial entrepreneurs. who want to streamline all their processing fee paid to Mastercard by After FCA scrutiny, Storonsky has most valuable fintech unicorn. For instance, Charles Delingpole, Tech Track 100 ranks Britain’s private founder and chief executive of the anti- technology, media and telecoms money-laundering firm ComplyAdvan- 2 Bizuma 315.18% 3 Global-e 303.09% 4 Jungle Creations 302.53% 5 Oxford Nanopore 251.87% companies with the fastest-growing tage (No 16), co-founded the Tech Track B2B ecommerce platform Cross-border ecommerce solutions Social media & ecommerce services DNA analysis technology sales. It is produced by Fast Track, the 100 alumnus MarketInvoice, a business This London company began as a flash- Global-e provides technology to In 2014, founder and chief executive Spun out of the University of Oxford in Oxford firm that researches Britain’s financing platform. He talks to Sean sales website before chief executive Ray ecommerce retailers, enabling them to Jamie Bolding, 28, created Viral Thread, 2005, this company specialises in top-performing private companies Duffy of Barclays on page 2. Watson, 36, integrated software he had localise websites in 200 markets a social media video channel. The compact DNA/RNA sequencing and organises invitation-only dinners Tech Track 100 alumni are sought- created to form a B2B-only ecommerce worldwide. Its software supports 95 business has grown to create more technology for biological research. The for their owners and directors to after businesses — the planned £9bn platform in 2014. It runs an online currencies, 150 local and alternative original content and operates themed business has developed devices that network and meet its sponsors. mega-merger of Just Eat with its Dutch marketplace that allows buyers to source payment methods and the calculation channels specialising in food, DIY, sport help scientists identify bacteria and peer Takeaway.com is just one example. products, while wholesalers can access and prepayment of duties and taxes. and pets. It is highly visible on Facebook, viruses, track disease outbreaks and For full ranking criteria, see page 2 Whether those featuring on the 2019 buyers in new markets and tender for Global-e was co-founded in 2013 by Amir with 85m followers on social media and study the DNA of humans, animals and table decide to sell up, as Skyscanner did contracts, such as construction, hotel Schlachet, 42, Shahar Tamari, 47, and 3bn monthly video views. It has plants. Led by co-founder and chief in 2016 for £1.4bn, or to float themselves and apartment projects. With more than Nir Debbi, 45, and has raised more than diversified with six delivery-only executive Gordon Sanghera, 58, it sells Follow us @ST_FastTrack on the stock market, as Ocado chose in 100,000 customers using its technology, $55m from backers, including Apax restaurants and Lovimals, an to nearly 100 countries. Revenues hit 2010 — it is now valued at more than £8bn it generates 95% of its turnover overseas, Partners. Initially based in Israel, the ecommerce business. Sales reached £32.5m last year. It has secured £451m in Awards dinner — their success is interwoven with the with key regions including Asia and firm relocated its global HQ to London £16m in 2018. Last year the business was funding from investors including car partner UK’s future as a hub of talent, innovation South America. Sales from its services and now serves 120 retailers in Europe. valued at £50m, after securing £3m Woodford, and was valued at £1.5bn last and life-changing technology. hit £26.4m this year. Sales grew to £29.3m last year. funding from Edge Investments. March. Opportunities and risks hurtle up at light speed AI, robots and have been doing it regularly worked for the BBC and Take Tech Track 100 emerging security issues, companies — Fast Track’s since 2001, when the first Tesco, are helping to steer alumnus King, a games from the viruses spread by researchers are monitoring driverless cars league table was published — organisations of all types developer founded in 2003, floppy discs in the 1990s and the progress of exciting start- also supported by Hiscox.