WorldRemit has been crowned the UK’s fastest growing tech company, having achieved an average four-year revenue growth rate of 20,385%.
WorldRemit offers online services that are designed to simplify sending money; it offers transfers to more than 125 destinations across the world, all from a smartphone, tablet or computer.
The Deloitte UK Technology Fast 50 report found that the 50 UK companies listed recorded an average four-year growth rate of 1,883% in the year 2014/15.
The report’s findings also revealed that the companies in the Fast 50 generated £820m in combined revenue for the year and employed 7,400 people.
Despite these positives, a survey included in the Fast 50 report identified a lack of new talent, with 35% of CEOs viewing the skills gap as the single biggest threat to the growth of the tech sector in the next 12 months.
This was seen as a much greater threat than the economic climate, access to capital or increased competition from larger companies; all 10%.
The business advisory firm also found that expansion into North America is seen as the biggest opportunity for international growth (66%), while many (77%) currently record revenue from outside the UK.
Funding is an important part of international expansion, Deloitte UK found that the most common source was cash generated by the business (78%), while CEO’s that have employed tax savings or refunds over the past five years has tripled from last year to 43% from 15%.
Perhaps unsurprisingly, London is the top location for Fast 50 winners, with eight of the top 10 in the capital, and 50% overall. Skyscape Cloud from the South West and FanDuel from Scotland are the only non-London based companies in the top 10.
The company surveyed 93 CEO’s from the Fast 50 companies and information submitted by 166 entrants.
