Capital.com, a Cyprus-based fintech firm, has achieved the top ranking in the Deloitte Technology Fast 50 for the third consecutive year with an astounding growth rate of 4,411%. This annual ranking highlights the fastest-growing technology startups in the Middle East based on revenue growth, showcasing the innovative spirit and technological advancements within the region.
What is the Deloitte Technology Fast 50 and which Cyprus-based company topped it?
The Deloitte Technology Fast 50 is an annual ranking showcasing the fastest-growing technology startups in the Middle East based on revenue growth. A Cyprus-based fintech firm, Capital.com, has led the third edition with a phenomenal growth rate of 4,411%, maintaining the top spot for three consecutive years.
Breaking Ground in Tech Growth
In a remarkable testament to innovation and entrepreneurial spirit, a Cyprus-based company has achieved the pinnacle of recognition in the latest Deloitte Technology Fast 50 rankings. This annual program spotlights the fastest-growing technology startups within the Middle East. The judging is based on revenue growth over the past four years, and the competition is fierce.
The third edition of the Middle East Technology Fast 50 has seen nearly 200 submissions, a sign of the burgeoning tech sector that spans across diverse industries. From software and fintech to media and entertainment, the growth and variety are impressive. These companies aren’t just flourishing commercially; they are reshaping the technological landscape, delivering advancements that enhance quality of life and foster societal progress.
A Surge in Tech Innovation
This year, companies on the Fast 50 list averaged a staggering 1906% growth, collectively amassing around $3 billion in total annual revenues during 2022. Such figures underscore the significant role these startups play in the regional economy. They’re not only profitable ventures but also key drivers of technological progress and innovation.
Leading the charge is Capital.com, a prominent fintech firm from Cyprus. They’ve maintained their top spot for the third year running, with an impressive growth rate of 4,411%. Hot on their heels are Salla, a Saudi Arabian e-commerce platform, and Rihal, a software company based in Oman, with growth rates of 3,550% and 2,441%, respectively.
Recognizing Potential and Impact
Deloitte’s Technology Fast 50 isn’t solely about revenue growth; it’s also about potential and societal impact. The ‘Rising Star’ category celebrates up-and-coming companies that, despite being younger than three years, show immense promise. LAWAZEM, an e-commerce company from Saudi Arabia, has secured the top spot, followed by the fintech firms Circlys and Flexxpay.
Moreover, the impact of technology on environmental, social, and governance criteria is gaining due attention. The ‘Impact’ accolade is reserved for companies with ESG concerns at their core. Lebanon-based non-profit CodeBrave holds the lead here, followed by the environmental tech companies Mirai Solar and Terraxy from Saudi Arabia.
Championing Women in Leadership
The role of women in tech leadership also gets its spotlight in the Fast 50 program. A new ‘Women in Leadership’ category honors companies that fulfill the main criteria and are either led by a female CEO or have a founding team with at least 50% women. YYReGen from Lebanon, UAE’s The Surpluss, and Cyprus’s The Mighty Kitchen are the top three organizations recognized in this category.
Cyprus stands out in these rankings, with 29 organizations making the list. This country’s remarkable showing includes four companies acknowledged for ‘Women in Leadership,’ fifteen as ‘Rising Stars,’ and one for its ‘Impact.’ It’s clear that the island nation’s tech sector is a burgeoning field for innovation, leadership, and sustainable growth.
How is the Deloitte Technology Fast 50 ranking determined and which company topped it?
The Deloitte Technology Fast 50 ranking is determined based on the revenue growth of technology startups in the Middle East over a four-year period. Capital.com, a Cyprus-based fintech firm, topped the ranking for the third consecutive year with an impressive growth rate of 4,411%.
What is the significance of the Deloitte Technology Fast 50 in the tech industry?
The Deloitte Technology Fast 50 highlights the fastest-growing technology startups in the Middle East, showcasing innovation, entrepreneurial spirit, and technological advancements within the region. It provides recognition to companies driving technological progress and economic growth.
How have companies in the Middle East performed in the latest edition of the Deloitte Technology Fast 50?
Companies in the Middle East featured in the latest edition of the Deloitte Technology Fast 50 have shown remarkable growth, with an average growth rate of 1906% and a total annual revenue of around $3 billion in 2022. Cyprus-based Capital.com led the ranking with a growth rate of 4,411%.
Are there specific categories of recognition within the Deloitte Technology Fast 50 program?
Yes, besides the main ranking based on revenue growth, the Deloitte Technology Fast 50 program includes categories such as ‘Rising Star’ for promising younger companies, ‘Impact’ for companies focusing on ESG criteria, and ‘Women in Leadership’ to champion female leadership in the tech industry. Cyprus, with 29 organizations on the list, has made a remarkable showing across these categories.
