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True Potential is fastest growing financial and technology services firm outside London

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Financial and technology services firm True Potential has been ranked as the fastest growing financial and technology services company headquartered outside London in the 2014 Deloitte Technology Fast 50.

The ranking of the 50 fastest-growing technology companies in the UK are based on percentage revenue growth over the last five years. True Potential grew 837 per cent during this period.

 
2014 has seen a number of important developments for the firm, including the launch of first-of-a-kind impulseSave technology, which allows savers to make micro-payments into investments from as little as GBP1 at the touch of a button. The service is available on True Potential’s Wealth Platform, used by financial advisers and their clients across the UK, and as part of True Potential Investor, a self-directed investment service, which can be accessed online and via mobile devices (www.tpinvestor.com).
 
In September, impulseSave was showcased alongside the world’s biggest innovations in financial technology at FinovateFall 2014. True Potential was just one of five UK-headquartered companies to make it through the rigorous selection process. impulseSave® also won the Aberdeen UK Platform Awards 2014 Leading Innovation Award.
 
The True Potential group of companies increased turnover to GBP20.8m in the first half of 2014 – a rise of 87 per cent against the same period in 2013 (GBP11.1m). January-June delivered GBP4.9m pre-tax profit for the group, a 104 per cent increase on H1 2013.
 
True Potential provides technology and business support services to over 22 per cent of the UK adviser market and financial advisory services for private individuals.
 
True Potential managing partner David Harrison, says: “Being ranked as the fastest growing financial and technology services company outside London in the 2014 Deloitte Technology Fast 50 rounds off what has been an exceptional year for True Potential.
 
“impulseSave® is a world first and it was developed here in the UK. Since we launched it in March, clients have invested more than GBP6 million. The most exciting result is that over 40 per cent of these investments are GBP10 or under – proving that technology has the power to change the way we save. The UK is facing a savings crisis where people are not saving the amount they need for a comfortable retirement. At True Potential we believe in making saving and investing simple and more accessible using cutting edge technology, so this recognition is particularly rewarding.”
 
David Frith, corporate finance partner at Deloitte, says: “The Deloitte Technology Fast 50 gives great profile to technology companies and is internationally recognised as being one of the most important business awards in the sector.  It is an opportunity for technology businesses to gain recognition for their successes and achievements and this year’s ranking highlights the importance of being innovative and finding a niche product or service to succeed
 
“It is interesting that nearly a quarter (24 per cent) of the Deloitte UK Technology Fast 50 entrants have received investment from venture capital or private equity firms over the last five years and there is evidence that companies are increasingly looking to this source of funding. Forty per cent of Deloitte UK Technology Fast 50 entrant CEOs are expecting to access venture capital or private equity funding in the next 12 months.”
 
Frith adds: “The 50 fastest growing UK technology companies generated over GBP963 million in total annual revenues in the year 2013/14, employing more than 8,500 people and recorded an average five-year growth rate of 1,695 per cent which is an outstanding achievement for these businesses.”

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