Revolut leads Deloitte UK Technology Fast 50 despite CISO resignation

UK challenger bank Revolut has been topped this year’s Deloitte’s UK Technology Fast 50 ranking table.

The award ranks the 50 fastest-growing technology companies in the UK, based on the last four years of revenue data.

The UK fintech company reported an average three-year growth rate of 48,477% to the year 2018/2019 – the fourth-highest revenue growth in the history of the competition.

Richard Davies, chief operating officer at Revolut, said: “I don’t think there is a more exciting company in the world right now than Revolut. We are just in the first stages of expansion, and see phenomenal potential to create a truly global brand in the coming years. 

“Our challenge now is to make sure the business and structure scales at the same pace, and that we continue to invest in our people and processes.

“Deloitte’s Fast 50 ranking is a fantastic showcase identifying the success of technology start-ups in the UK. Revolut being recognised in these awards highlights just how far we have grown in the industry.”

A noticeable statistic sees UK fintech firms ranked as the top three fastest-growing companies in this year’s competition, with Credit providers OakNorth (37,449%) and Dividebuy (23,878%) achieving second and third place respectively.

Overall, fintechs equal 30% of the 50 ranked firms, including six in the top ten; software businesses continue to make up the largest proportion of winners, up to 48% from 40% last year.

Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “The pace of growth from this year’s Fast 50 is nothing short of exceptional, and testament to the innovation and success enjoyed by the UK’s technology industry today.

“The sector continues to thrive despite market uncertainty, which is largely due to the drive, resilience and creativity of the teams being celebrated in these awards. 

“I would like to offer my personal congratulations to every one of this year’s winners on the outstanding growth they have enjoyed.

Revolut achieving the fourth-highest growth in the history of the Fast 50 competition within an uncertain economic climate is remarkable. Fintech businesses have performed particularly strongly in this year’s awards, demonstrating that the UK is fertile ground for start-ups in the sector.”

Mutual Agreement

However, the neobank’s chief information security officer (CISO) Dinis Cruz announced his decision to leave the company – less than two months since joining.

Having already lost two chief risk officers, a chief compliance officer and two money laundering reporting officers since 2016, according to the BBC, the fintech has also faced scrutiny from the UK’s Financial Conduct Authority (FCA) following leaked information about the company.

An unnamed whistleblower, who worked for the firm in 2016, described Revolut’s AML systems as “utterly inadequate.”

Revolut Founder and CEO Nikolay Storonsky responded with an open letter to employees and stakeholders, admitting that a ‘toxic culture had developed during a period of intense growth for the start-up’.

And with the firm eyeing further expansion, such as the US market, it seems like Storonsky has no qualms about his company’s compliance processes…