The 13 Cypriot companies that made it on the Deloitte Technology Fast 50 3rd Edition

Deloitte has released the results of the third edition of its Technology Fast 50 for the Middle East and Cyprus, a list of the fastest-growing technology companies in the region, and it listed Cyprus-based fintech Capital.com as its top ranked company, having exhibited 4,011% growth.

In his foreword, Kyriacos Charalambides, Partner, Fast 50 Middle East & Cyprus Program Leader, said that although there was a noticeable shift in the diversity of applicants compared to the previous editions, the top three countries’ applications have remained the same – UAE (32%), Cyprus (21%) and Saudi Arabia (23%, skyrocketing from 8% in the previous edition) – whilst the emergence of applications from Oman is also notable.

Deloitte’s Technology Fast 50 recognises and ranks the fastest-growing technology companies in the region based on percentage revenue growth over the last four years.

With a staggering growth of 4,011%, Capital.com is described as “a high-growth fintech company empowering people to participate in financial markets through simple and innovative online trading platforms”.

Deloitte said: “Its intuitive, award-winning platform, available on web and app, enables investors to trade thousands of world-renowned markets. To help investors trade with confidence, the platform is fitted with robust risk management controls and transparent pricing while its all-in-one investment app delivers financial lessons and educational content to support clients in their investment journey. Capital.com has a global network with offices located in Cyprus, UK and Australia.”

Joining Capital.com in the top three is Saudi Arabian Salla app store, which recorded 3,550% growth, and the software company Rihal from Oman (2,441% growth).

In terms of regional winners, in Cyprus they ranked as follows:

• Capital.com, Fintech, 4,011% revenue growth
• Municorn Limited, Software, 842%
• Intergo, Telecom Communications, 219%

Here are the 13 Cypriot companies that made it on the Technology Fast 50 list:

1. Capital.com, Fintech, www.capital.com
2. Municorn Limited, Software, www.municorn.com
3. Intergo Telecom, Communications, www.intergotelecom.com
4. Electi Consulting Limited, Software, www.electiconsulting.com
5. eBOS Technologies Ltd, Fintech, www.ebos.com.cy
6. PHOEBE Research and Innovation Ltd, Environmental Technology, www.phoebeinnovations.com
7. Solar Staff, Fintech, www.Solarstaff.com
8. Hellas Direct, Fintech, www.hellasdirect.gr
9. Complytek, Fintech, www.complytek.ai
10. AdTech Holding, Media & Entertainment, www.adtechholding.com
11. CL8, Software, www.cl8.com
12. Softline Computer Systems, Software, www.softline.com.cy
13. NETinfo, Fintech, www.netinfo.eu

Deloitte said that this has been another transformative year across the globe, yet, despite the pressures, the technology sector continues to show resilience and companies are finding impressive ways to overcome challenges.

“With close to 200 applications across the Middle East and Cyprus in the 3rd edition of the Deloitte Technology Fast 50 program, we are especially proud to see the diversity of companies that are utilising innovation to enhance our lives and society, across new and varied sectors. This is a solid proof that our region is home to a variety of companies with great potential for positive change,” it said.

Read the full Deloitte Technology Fast 50 Program 3rd Edition here