The 15 Fastest Growing Companies in the UK

| Annabel Beales

The UK’s fastest-growing companies are an exciting cohort to work with. These disruptive businesses are shaping the economy and technologies of the future, and doing so at an alarming rate. 

Imagine if you had built a partnership with Deliveroo, or Revolut, from the earliest stages of their growth — where would that put you and your business now? Perhaps you don’t have to imagine, and already have a couple of fast growing clients on your books — how are you going to find more?

At Beauhurst we track 30k of the UK’s high-growth and disruptive companies on our searchable, online platform. We’ve used this data to compile a list of the UK’s 15 fastest-growing companies by change in turnover, from fintechs to green energy suppliers. 

There are lots of different ways you could choose to measure growth. To make it onto this list, each company must have: 

  • Raised equity funding
  • Be in the seed, venture or growth stage of evolution
  • Have demonstrated a consistent growth in turnover since inception
  • Reported a turnover of at least £1m in 2018. 
 

The UK's fastest growing companies 2020

Rank Company name Turnover (2019) Growth in turnover (2018-19)
1
Monzo
£19.7m
641%
2
Bulb
£823m
350%
3
Velocity
£7.82m
197%
4
Tonik
£81.1m
194%
5
OXGENE
£2.69m
165%
6
ENSEK
£8.68m
149%
7
Topia
£14.4m
136%
8
Capital on Tap
£39.3m
127%
9
CloudFactory
£16.0m
116%
10
Masthaven
£28.3m
104%
11
Quantexa
£10.2m
104%
12
Atom
£38.0m
103%
13
Oakman Inns
£34.8m
100%
14
SpaceInvader
£3.90m
99%
15
Eiger Trading
£6.60m
93%

1. Monzo

Founded: 2015

Turnover reported in 2019: £19.7m

Change in turnover 2018 — 2019: 641%

Monzo company logo

Fintech unicorn  Monzo operates a challenger bank accessed by its mobile app, which allows users to budget, save money and access loans. The private company raised £60m in its latest fundraising, in June 2020, and was last valued at £998m — a down round of 40%. Investors insist that this is a “bump in the road“,  caused by the current financial downturn. But only time, and the company’s future performance, will tell if this is the case.

Monzo has over 1000 employees and offices in London and Cardiff, with plenty of its staff working remotely around the world. Today, over 4.2m people have a Monzo account. 

Monzo customers open a bank account from their phones for free. Users can manage their money by accessing real-time spending reports and budgeting tools, put money aside and earn interest in savings pots. Monzo’s energy switch service compares and recommends selected green energy suppliers to customers; if they switch energy suppliers they receive a £75 bonus. The company aims to roll out this service across other industries, for example mortgages and insurance. 

UK business owners can also open a Monzo business account, from which users can move money within the UK for free as well as manage their finances remotely with integrated accounting tools, in-app invoicing and digital receipts.

2. Bulb

Founded: 2014

Turnover reported in 2019: £823m

Change in turnover 2018 — 2019: 350%

Green energy provider Bulb supplies energy from renewable sources and carbon neutral gas to businesses and households. Its co-founders, Hayden Wood and Amit Gudka, both have backgrounds in the energy industry, and are now committed to making energy simpler, cheaper and greener. In 2016 Bulb became a B Corp, a certification awarded to companies who use business for good. It has raised £65m to date, £60m of which was raised during its latest fundraising in June 2018. Bulb employs 550 people, all based in East London. 

Customers of the energy supplier are provided with 100% renewable electricity and 100% carbon neutral gas. Bulb customers all pay the same tariff and can switch from their old provider in two minutes. To simplify the process, Bulb will inform the old energy supplier of the switch and pay any exit fees. Bulb users also have access to an app to keep track of their account, an online community which informs how the business develops, and can also use Bulb to power their businesses.

3. Velocity

Founded: 2014

Turnover reported in 2019: £7.82m

Change in turnover 2018 — 2019: 197%

velocity black

Lifestyle technology company Velocity has developed members-only digital concierge platform that enables users to make dining, travel, experience and luxury goods requests, receive personalised recommendations and book and pay through their mobiles. Backed by investors including DIG investment and venture capital firm Spark Capital, the private company has raised £32m to date across seven funding rounds. Velocity has offices in London, New York, LA and Miami, and offers experiences across the world. 

Velocity’s m-commerce product combines a 24/7 chat service, artificial intelligence and global mobile payments to enable users to make bookings seamlessly. Velocity’s recommendation engine uses AI and machine learning to get to know users’ tastes, so the service becomes more tailored with time. The technology company also has an enterprise division for digitally progressive brands who want to drive the loyalty and engagement of their customers.

4. Tonik

Founded: 2015

Turnover reported in 2019: £81.1m

Change in turnover 2018 — 2019: 194%

tonik energy

Renewable energy supplier Tonik develops electric vehicle chargers, solar panels and rechargeable home batteries to create homes that run on green energy. Tonik is one of two businesses on our list of fastest growing companies in the venture, rather than growth, stage of evolution. Headquartered in Birmingham, Tonik has raised £14m over 8 fundraisers, £10m of which was raised from its latest fundraising in 2019.

Tonik aims to halve customers’ energy bills by 2022 by creating a ‘home of the future’; a house that is powered by green energy and has a charging point for electric vehicles. The company’s vision is one where the customer generates, stores and sells their own energy. Customers can switch energy suppliers to Tonik in two minutes and receive 3% interest on credit balances. Tonik promises a saving of up to £315 upon switching, and new members will also receive a free gas boiler service.

*Please note: on the 6th October 2020, Tonik Energy ceased trading.  Scottish Power is taking over all supply and balances after Tonik Energy failed to pay  its renewable obligation scheme fees. 

5. OXGENE

Founded: 2011

Turnover reported in 2019: £2.69m

Change in turnover 2018 — 2019: 165%

oxgene logo

OXGENE manufactures DNA plasmids, which are loops of genetic material for use in genetic research and engineering. The contract research organisation is based in Oxford, and its materials are distributed in the UK, Japan, the United States and other global locations. In 2020, the company raised £3m, taking their total raised to £20m, and reported 100% year-on-year revenue growth for its third consecutive year. 

OXGENE develops products and technologies that can cater to their customers’ research and experimental needs. Its ultimate aim is to accelerate the discovery and manufacture of therapies while lowering the cost of production. Its DNA plasmids achieve this by making genetic engineering more efficient. OXGENE also sells promoters, signal peptides and peptide tags.

6. ENSEK

Founded: 2010

Turnover reported in 2019: £8.68m

Change in turnover 2018 — 2019: 149%

ensek logo

Fintech company ENSEK operates a SaaS accounting platform designed for energy suppliers. Part of the Future Fifty accelerator programme, ENSEK currently works with 26 major energy suppliers, who supply five million energy meters in the UK. Today, the ENSEK team is 170-strong and head offices are based in the UK. 

ENSEK’s SaaS product provides energy suppliers with technology, outsourcing and advisory services. Its aim is to make the existing industry simple: their end-to-end Saas platform holds its clients’ customer lifecycles entirely in the Cloud. ENSEK products work for startup, mid-market and enterprise level energy suppliers who provide energy to residential properties, SMEs, and I&C sites. The company offers a number of different products so the solution is tailored to customers’ needs.

7. Topia

Founded: 2010

Turnover reported in 2019: £14.4m

Change in turnover 2018 — 2019: 136%

topia logo

Topia has developed a cloud-based platform for HR teams aiming to help their employees with the relocation process. Co-founders Brynne Kennedy and Steve Black joined forces after Brynne realised that there must be an easier way for global companies to manage their teams. Today, Topia has six global offices and enterprise-level clients such as Dell, Kayak and Skyscanner. 

Topia’s Cloud-based platform provides HR teams with a single view of all employee mobility data, allowing them to have an overview of and manage the employee relocation process. The platform allows teams to plan different relocation scenarios, manage payroll delivery, travel, tax and immigration compliance and maintain an overview of all mobile talent. Customers can choose from a fully managed solution, one with a managed budget or lump sum provided, or a more flexible solution.

8. Capital on Tap

Founded: 2012

Turnover reported in 2019: £39.3m

Change in turnover 2018 — 2019: 127%

capital on tap logo

Fintech startup Capital on Tap develops an online service through which SMEs can obtain business credit cards and business loans. To date, they have provided £1.5b of funding to 100,000 SMEs. The private company held its last funding round in 2019, at which it raised £362,000 out of a total £164m overall. Based in London, Capital on Tap has over 100 employees and a potentially positive status post COVID-19. 

The founders of Capital on Tap believe that today’s banking systems do not serve SMEs, as traditionally applying for funding is a slow, arduous process with strict fees and criteria. Capital on Tap’s new technology allows small UK businesses to make a two-minute application online for funding. A decision is instantly made, allowing the small business to access a loan of up to £50,000 immediately. Capital on Tap also offers business credit cards which come with cashback or Avios rewards.

9. CloudFactory

Founded: 2011

Turnover reported in 2019: £16m

Change in turnover 2018 — 2019: 116%

cloud factory logo

CloudFactory provides professionally managed remote workforces for companies in the UK and USA. Members of the workforce provided may be from poorer communities: working for CloudFactory provides these employees with the tools to address poverty in their local areas. Globally headquartered in the UK, CloudFactory began with working in Nepal and advanced its mission in Kenya in 2019. It has raised a total of £61m, £1m of which was raised over its latest funding round in June 2020. 

CloudFactory uses technology to make it easy and affordable for companies to automate and outsource routine back office data work via the cloud. The company provides teams for machine learning, to build training datasets and improve artificial intelligence, and teams for high volume routine data processing tasks. 

10. Masthaven

Founded: 2004

Turnover reported in 2019: £28.3m

Change in turnover 2018 — 2019: 104%

masthaven logo

Masthaven provides banking services, including savings accounts, mortgages and flexible finance options. The new bank was the first to be awarded a banking licence in 2016, but has been providing bridging loans and secured lending since 2004. In 2019, Varde Partners made a £60m equity investment in Masthaven.

Financial services offered by Masthaven include savings accounts and loan products. Customers can choose a 1, 2, 3 or 5-year savings account for either personal or business use, and decide on the date they’d like their savings to mature. Personal savings account holders can also choose whether to have their interest paid monthly or yearly. Loan products include mortgages, for first-time buyers or landlords, and bridging finance. They are also available to those with non-traditional credit scores or those who need flexible terms.

11. Quantexa

Founded: 2016

Turnover reported in 2019: £10.2m

Change in turnover 2018 — 2019: 104%

Quantexa logo

Quantexa develops technology using artificial intelligence and big data software to analyse data within a user’s network. Its co-founders realised that enterprise level data-intensive organisations couldn’t close the gap between the data they were accumulating and related essential decisions. Quantexa helps organisations across the banking, insurance and public sector industries close this gap. Its latest funding round, in July 2020, raised £50.8m, bringing the total raised to date to £69.8m. The company has offices in London, New York, Boston, Brussels, Toronto, Singapore, Melbourne and Sydney.

Quantexa’s SaaS-model product creates a contextual view of data across an organisation and builds visualised analytic models for users. The platform, which evolves with the market, allows users to uncover risk, reveal opportunities, and enhance decision making. Customers can choose the solutions they need according to the challenge their business faces: whether this is CDO, CIO or Compliance.

12. Atom

Founded: 2013

Turnover reported in 2019: £38m

Change in turnover 2018 — 2019: 103%

atom bank

Challenger bank Atom offers digital-only banking service. Founded in 2014 in Durham, Atom was the UKs first app-only bank. Its low-cost infrastructure allows the company to offer good-value products to its customers. Today, the FinTech company is made up of 350 people and is based in the north-east.  It has raised a total of £481m, with £50m coming from its latest funding round in July 2019. 

Atom offers financial services including fixed-term savings accounts and mortgages. Both of these are set up and accessed on the bank’s app, which uses a customer’s face and voice as identity verification tools. Those with a fixed-term savings account can set it up in less than ten minutes and will receive up to 0.80% AER. Mortgages offered include residential mortgages, retail mortgages and business loans. They currently provide the CBILS loan, for businesses impacted by the Covid-19 crisis, to new and existing customers.

13. Oakman Inns

Founded: 2005

Turnover reported in 2019: £34.8m

Change in turnover 2018 — 2019: 100%

oakman inns logo

Oakman Inns operates a portfolio of pubs across England. Its latest funding round, in June 2020, brought in £2m, taking the total amount secured by the company to  £16.8m. Unlike many other hospitality companies, Oakman Inns has a potentially positive status in the face of COVID-19, and has continued to create job opportunities in 2020. For the past five years, it has been included in the Sunday Times 100 best companies to work for. 

The Oakman Inns portfolio is made up of over twenty venues located across southern England. It encapsulates the ‘modern public house’, offering  Mediterranean and British food made from high-quality, responsibly sourced ingredients. The group also makes an effort to operate in an environmentally conscious way, most recently announcing the intention to eradicate single-use plastics in the venues.

14. SpaceInvader

Founded2009

Turnover reported in 2019: £3.9m

Change in turnover 2018 — 2019: 99%

space invader design logo

SpaceInvader provides interior design services for businesses aimed at challenging convention, translating ambition into the design and developing spaces that inspire. The business covers everything from interior design, workplace consultancy and change management, to experiential design and branding.

Entirely owned by the Southerns Group, the interior design company has secured £100k in fundraisings. It’s won numerous contracts, including the revamping of hospitality suites at Emerald Headingley Stadium and a new streetfood dining experience at intu Lakeside. Even iconic British footwear brand Dr. Martens appointed SpaceInvader to design their global HQ in Camden town. Most recently, SpaceInvader’s scheme for Alberts Didsbury has made the shortlist for the 2020 Restaurant and Bar Design Awards in the UK Colour category.

15. Eiger Trading

Founded2008

Turnover reported in 2019: £6.6m

Change in turnover 2018 — 2019: 93%

Eiger Trading has developed a trading and brokerage platform for Sharia’a-compliant asset investments in the Middle-East. It also offers liquidity management services and provides the Eiger Trading Platform, through which users can buy and sell assets. Eiger Trading’s long term goal is to deliver technology-driven solutions to the industry, drawing from it’s expertise in banking, IT-development and physical asset trading.

Since its formation in 2008, the company has gone on to have secured £948k in fundraisings and now has offices in Surrey and London. In 2017, it was named as one of the fastest-growing companies in Europe by being listed in the Financial Times FT 1000 report. That same year, it won Best Islamic Fintech in the South East Asia Awards. The company is also members of the LME, London Platinum and Palladium Market, as well as the British Coffee Association.

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