Growth Month: Fast scaling UK tech companies – Business Leader

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Story by
Serena Haththotuwa
September 1, 2022
Throughout the whole of September, Business Leader will be celebrating growing businesses. The UK tech space has seen an influx of new talent in recent years. Since the pandemic, the tech space has grown even further and the emergence of companies in fintech, healthtech, createch, and more has been promising for the UK tech environment, giving Silicon Valley a run for its money. For this week’s Business Leader Top 12, we took a closer look at some of the recent fastest-growing tech companies in the UK.
However, if you believe we have missed a company from our list, please send an email to editor@businessleader.co.uk and we can add them in.
This list is in no particular order.
Thought Machine is a cloud-native banking company based in London. Started by Founder Paul Taylor in 2014, the company entered into a commercial relationship with Lloyd’s Banking Group in 2018, securing $25M in Series A funding. This year, Temasek, a global investment company headquartered in Singapore led the company’s Series D funding round of $160M, doubling Thought Machine’s valuation to $2.7B.
This recent funding round, Thought Machine’s 100% valuation increase, and their recent announcements of partnerships with Magyar Bankholding (Hungary), Mascoma Bank (US), Lunar (Denmark), Sovico Group (Vietnam), Kiwibank (New Zealand) and Italy’s largest bank, Intesa Sanpaolo, signify that they are a company to pay attention to.
Privitar is a data provisioning platform that helps its clients use data in a safe, ethical and effective way. The platform allows the identity of individuals to be masked, letting companies and organisations use AI and machine learning ethically.
The tech platform’s clients include NHS, AstraZeneca and HSBC Holdings. As data regulations have become a greater concern for organisations, Privitar has grown. During the pandemic, the company was ranked the 18th fastest-growing business in the Deloitte UK Technology Fast 50 with over 2000% revenue growth.
Revolut has challenged traditional banking through providing financial services and digital banking through its app – users can even trade cryptocurrencies. The app is used by over 18M users worldwide and in 2021, was given a full banking licence by the European Central Bank. Additionally, the company acquired ePOS software business Nobly, and talent sourcing marketplace Wanted.
The company has secured £1.27B in equity investment across nine funding rounds and is known as one of the top disruptive banks after it was valued as a tech unicorn.
OakNorth Bank is a UK bank for small-medium enterprises and gives out property and business loans. It offers loans to businesses that give significantly to economic and employment growth, but struggle to access debt finance. In 2021, the bank acquired the cashflow software firm Fluidly and has raised £635M worth of investment thus far. Investors include Softbank Vision Fund and Coltrane Asset Management.
In its 2021 annual report, the bank revealed a 73% increase in pre-tax profits to £134.5M (up from £77.6M in 2020) and a 60% increase in new lending to £1.8B (up from £134B in 2020).
Hopin is yet another tech company that benefitted as a result of the pandemic. Its Founder, Johnny Boufarhat, founded the company before the pandemic, but the rise of online events quickly catapulted the business into a success, making it a unicorn. The company was founded in 2019 and is now worth $7.75B, making it one of Europe’s most valuable tech companies.
According to the Sunday Times Rich List, the sharp growth experienced by this company has made Boufarhat one of Britain’s youngest self-made billionaires.
Moonbug is a UK-based children’s entertainment company that creates and distributes stories to educate kids. The tech company produces videos and audio with the goal of educating young people.
As educational video content is some of the most watched on YouTube, Moonbug has capitalised on the amount of money that can be made in this industry. In 2020, the company raised £87M in a funding round led by Goldman Sachs Growth Equity and Fertitta Capital and existing investors The Raine Group and Felix Capital. The company has also acquired huge YouTube channels CoComelon and Blippi, whose videos have been watched more than 2.75B times.
Another unicorn on the list, payments company Checkout.com secured a $1B funding round in January this year, bringing its valuation to $40B. The company, which was founded in 2009, operates internationally and processes international payments for e-commerce companies.
It’s Series C funding round from the previous year, which saw the company land $450M and gave the company a valuation of $15B, shows a stark increase of 167% in the past 12 months. Its $40B valuation has made it the most valuable European fintech startup.
Despite reports that digital savings and investment app Moneybox was loss-making for the sixth year in a row, the company has consistently been able to attract funding in order to supercharge its growth.
Since completing a Series C round of more than £30M and a crowdfunding round of £7.1M in 2020, Moneybox has tripled its assets under administration to £3B, expanded its customer base to 850,000, 200,000 of which were added in the last financial year, and doubled its team to 300 people.
Glassbox is a software as a service (SaaS) company that provides digital experience analytics for web and mobile applications. Earlier this year, the Israeli-headquartered firm announced they had reached $46M in annual recurring revenue in the second quarter of 2022, which represents year-over-year ARR growth of 24%. This is also the company’s fifth consecutive quarter of growth since its IPO in June 2021.
When announcing their recent half-year results, Glassbox also predicted a strong finish for the firm in the second half of the year.
Snyk is a Boston-based cybersecurity company specializing in cloud computing. In September 2021, the developer security platform closed a $530M Series F round, bringing its total valuation to $8.5B, and has since kicked on from its whopping Series F.
Earlier this year, Snyk entered the cloud security market, a segment expected to be worth $77.5B by 2026, with the purchase of Fugue. The tech giant also recently announced major expansion plans for its partner network in Asia Pacific and Japan.
Oyster is a distributed HR platform with London roots. Earlier this year, the HRtech firm reported that it had a revenue growth rate of more than 20x in 2021, and after securing $150M in Series C funding back in April, its valuation rose to over $1B. To put its incredible growth into context, Oyster’s Series C round came less than a year after a $50M Series B took its valuation to $475M and the company was only launched in January 2020.
British Femtech platform Elvie develops smart products for women, including breast pumps and a connected Kegel trainer. Last year, the company raised £70M in Series C funding, and at the time of the announcement, said its pump business had doubled in the U.S. over the last 12 months.
Elvie also announced that its European business had grown 139% YoY, whilst there had also been a further YoY growth of 31% in the UK market for the revolutionary Femtech firm.
Click for more articles from Growth Month by Oracle NetSuite
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