Cyprus firm tops Deloitte technology Fast 50 rankings

Deloitte this week has released the results of the third edition of the Middle East Technology Fast 50, which showcases the fastest-growing technology startups in the region. This programme recognises technology companies based on their revenue growth over the last four years.

In this edition of the Technology Fast 50, Deloitte received close to 200 applications from across Cyprus and the Middle East, representing companies spanning various industries, including Software, Fintech, Media & Entertainment, among others.

The ranked technology companies this year achieved an average growth of 1906 per cent, generating around $3bn in total annual revenues during 2022. This highlights their significant contribution to both the sector and the broader regional economy.

Kyriakos Charalambides, Partner in Financial Advisory, and Deloitte Private Middle East Emerging Growth Segment and Fast 50 Programme Leader said that “we are especially proud to see that applications have doubled and came from companies that are utilising innovation to enhance our lives and society, across new and varied sectors”.

“This is solid proof that our region is home to so many companies with great potential. I wholeheartedly applaud all young companies in our listing for their ground-breaking technological innovations that will revolutionise efficiency, quality, and sustainability,” he added.

Capital.com, the renowned Cyprus-based FinTech company, has clinched the top spot for the third consecutive year in this edition of the Technology Fast 50, with an impressive 4,411 per cent growth.

Following closely behind are Salla, an E-commerce company based in Saudi Arabia, and Rihal, a Software company based in Oman, with growth percentages of 3,550 per cent and 2441 per cent, respectively.

As part of the Technology Fast 50 programme, Deloitte also provides the Rising Star accolade, dedicated to companies that show great potential but have been trading for less than three years and don’t meet the ranking criteria yet.

The top Rising Star spot was claimed by LAWAZEM, the Saudi Arabia-based E-commerce company, while in the second spot came Circlys, a Fintech company based in Saudi Arabia, and the third spot went to Flexxpay, a United Arab Emirates-based Fintech company.

Moreover, the programme also grants the Impact accolade to companies that have an Environmental, Social, and Governance (ESG) element at the heart of their mission. Leading the Impact ranking in the third edition is the Lebanon-based non-profit organisation CodeBrave, which aims to empower Lebanon’s next generation with technology skills. In second and third position came the Saudi Arabia-based companies Mirai Solar and Terraxy, respectively.

Furthermore, the third edition of Technology Fast 50 also introduces a new category, Women in Leadership, which recognises and ranks companies that meet all the main Fast 50 programme criteria and are either led by a female CEO or have a founding team comprised of at least 50 per cent women.

The top three spots in this category were claimed by the Lebanon-based Environmental Technology company YYReGen, UAE-based Environmental Technology company The Surpluss, and Cyprus-based Healthcare & Life Sciences company, The Mighty Kitchen.

Overall, the top three countries where applications came from are the UAE (32 per cent), Cyprus (21 per cent), and Saudi Arabia (23 per cent).

A total of 29 Cyprus-based organisations were ranked in this edition, with four getting recognised as “Women in Leadership,” 15 as “Rising Star,” and one as “Impact.”