- Deloitte announced its 2018 Technology Fast 50 Australia Awards.
- Afterpay Touch topped the list with average revenue growth of 8,134% over the last three years.
- Second was Mate Communicate with 3703% revenue growth, followed by Superloop with 1,860%.
Buy-now-pay-later fintech Afterpay Touch Group has topped the Deloitte Technology Fast 50 Australia list for 2018 with average revenue growth of 8134% over the last three years.
Afterpay, founded by Nick Molner and Anthony Eisen, also won the Leadership Award.
The company launched its reverse lay-by model in 2014, changing the way people pay for shopping and exporting the platform to thousands of retailers and millions of customers across the globe.
Afterpay in June topped the annual Finnies, the fintech industry awards for a second year in a row.
In August, Afterpay posted full year underlying sales of $2.18 billion, up 289% on the year before. Revenue and other income was $116.8 million, up 302% over 12 months.
In the Fast 50 announced in Sydney tonight, NBN internet service provider Mate Communicate came in second with revenue growth of 3703%, followed by Bevan Slattery-led connectivity specialist Superloop with 1860%.
Slattery became the first entrepreneur in Fast 50 Australia history to have two businesses make the top 50, with connectivity company Megaport (637%) coming in at number ten.
Cloud technology provider Barhead Solutions was named the 2018 Rising Star among those companies below the $3 million revenue threshold to be in the Fast 50. Second was war veterans employment specialist WithYouWithMe with 3427% revenue growth and advertising disruptors Playground XYZ! with 3078%.
Almost one quarter (24%) of the Fast 50 is made up of fintechs, followed by software at 22%.
The top 10: Afterpay Touch Group; Mate Communicate; Superloop; Vamp; Zip; Swift Networks; Koala; PEXA; Truck Dealers Australia; Megaport. The full list is HERE.
The Fast 50:
Josh Tanchel, Technology Fast 50 Lead Partner, says the Fast 50 highlights the companies changing the way we buy insurance, buy food, cosmetics, mountain bikes and real estate, while also changing the way we recruit, hire and promote women in the work place.
He says this year’s awards again showcase an array of Australian success stories, from garage and living room based start-ups to established industry leaders pursuing new ideas.
“Business ideas include everything from high-level consultancies to a new approach to sanitary wear that is building international markets,” he says.
He says recent political and media interest around Technology Fast 50 companies such as Afterpay and fellow Technology Fast 50 member Zip highlights the positive impact these businesses are making in challenging traditional models and corporate philosophies.
“Companies like Afterpay, Zip, Prospa and MoneyMe are genuine success stories for Australia and reminders of how fresh thinking fintechs are fundamentally changing the ways we pay for goods and manage our finances,” says Tanchel.
“In some ways it’s not surprising, that they attract attention in the current environment, but, as we saw with another Technology Fast 50 company, Prospa, last year, the good models do withstand scrutiny and deserve support.
“More broadly, it remains important that, as tech entrepreneurs continue to drive change, they maintain a customer focus and a ‘profit for purpose philosophy’.
“This year’s list tells us that we are going to see further challenges to traditional finance models from the fintech sector and serious growth in AI development, in 5G telecommunications and in the implementation of cloud-based business systems.”
NSW headed the list of companies in 2018 with 27, ahead of Victoria (11), Queensland (10) and Western Australia (2)
Of Fast 50 companies, 74% are private and 26% are listed, as this graphic shows: