Britain’s technology sector continues to produce companies scaling at pace, with lending fintech Abound emerging as the country’s fastest-growing private tech business, according to the latest ranking from The Sunday Times.

The second annual Sunday Times 100 Tech – Britain’s Fastest-Growing Tech Businesses places Abound at number one overall and at the top of the software category, after the company recorded average annual growth of almost 500 per cent over the past three years. Founded in 2020 by Michelle He and Gerald Chappell, Abound uses artificial intelligence to assess borrowers outside traditional credit models and generated £66.8m in sales last year.

The ranking, published online at thetimes.com/100tech and appearing as a supplement in this weekend’s newspaper, highlights the scale and diversity of the UK’s private technology sector. Collectively, the 100 companies generated £3.7bn in revenues in the most recent year and employ more than 23,000 people, having created 11,600 new roles over the past three years.

At the top of the hardware and “other technology” category is Fuse Energy, a renewable energy supplier founded in 2022 by former Revolut executives Alan Chang and Charles Orr. Fuse recorded annual growth of 484 per cent, generated £129.7m in sales last year and has reached unicorn status in just three years.

Across the list, nine companies are now valued at more than $1bn, reflecting sustained investor appetite for fast-growing businesses in areas ranging from fintech and artificial intelligence to energy, life sciences and digital infrastructure. More than 90 per cent of the companies have raised external funding, with total investment exceeding £11bn.

London remains the dominant hub, accounting for more than half of the companies featured, although high-growth firms are spread across every UK nation and region. Nearly three fifths of the businesses were founded in the past decade, underlining how young much of the sector remains.

Female-founded and female-led companies account for nearly a fifth of the list, including Abound, whose co-founder Michelle He serves as chief operating officer.

Jon Yeomans, business editor of The Sunday Times, said the ranking demonstrated the resilience of the sector. “Despite a challenging economic backdrop, Britain’s tech sector continues to produce businesses of extraordinary ambition and momentum,” he said, pointing to strong job creation and international expansion.