Edinburgh-based LendingCrowd has been named one of the UK’s fastest-growing tech companies this year, but the fintech is one of the few outliers in a Scottish tech ecosystem struggling to scale.

Just three Scottish firms made it onto Deloitte’s 2025 Fast 50 list, which ranks the UK’s fastest-growing tech companies by three-year revenue growth, a disappointing result given the record-breaking investment the country’s tech sector has recently enjoyed. 

The few Scottish firms that did make the cut delivered some standout results. Small business loan platform LendingCrowd saw a combined three-year growth of a staggering 2,792%, securing the firm 9th place on Deloitte’s list – an impressive climb from placing 25th in last year’s list.

Among the other Scottish firms that made the list, new entrant Clarus Networks, based in Livingston, ranked 32nd with 941% growth, while Glasgow’s Utopi, an ESG tech specialist, fell from 18th position last year to come in at 46th with 658% growth.

London (Still) Leads the Way

While having three Scots firms on this year’s list is a slight improvement on last year, Deloitte’s ranking continues to be dominated by London-based tech companies. 

This year, the UK capital accounts for 70% of the Fast 50 cohort, matching last year’s result. To compare, with thirty-five companies on the list, including six of the top ten, London leaves the East of England and Scotland trailing for a tied second place, having just three each.

Coming in at first place this year, travel company Journee, based in Bethnal Green, East London, saw more than three times the growth of Scotland’s top-performing firm, with an incredible 10,171% over three years.

Not too far behind, London-based challenger bank Monument Bank Ltd saw 9,518% growth, and rounding out the top three, online-care platform Lottie, also from the capital, enjoyed 6,988% growth.   

In an analysis accompanying the 2025 ranking, Deloitte attributed London’s dominance in high-growth tech to deep investor networks, abundant talent, world-class universities, and easy access to capital – all factors a city like Edinburgh shares, but which haven’t translated into comparable growth.

“The distribution of Fast 50 companies reflects the broader challenges of scaling outside of London and the South East,” said Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme.  

“To unlock the full potential of the UK’s tech ecosystem, greater regional support, including funding, infrastructure and talent development, will play a crucial role in enabling more companies nationwide to scale.”

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Looking West for Expansion

The Fast 50 ranking coincides with a new Deloitte survey of UK tech company CEOs, highlighting their international expansion strategies.

Polling high-growth tech leaders, Deloitte found a growing appetite for international expansion, particularly in regard to the US, with more than 60% of CEOs targeting a move into the region reflecting its scale, investment environment, and growing demand for technology services.

Europe, meanwhile, has lost some of its appeal due to ongoing economic uncertainty and fast-rising regulatory complexities, including challenges related to data protection, labour law, and post-Brexit trade requirements.

With figures likely to unsettle Labour ahead of the Budget, tech leaders are still raising concerns over the UK’s growth strategy, with a third (33%) still facing severe skills shortages amidst rising competition from abroad, and 54% saying the Government isn’t doing enough to boost innovation, despite the Chancellor’s £55 billion R&D pledge last month.