The UK’s fastest growing tech company in 2023 has topped 1m customers and £5bn in assets under administration (AUA).

London-based saving and investing platform Moneybox landed the 26th spot on the Deloitte UK Technology Fast 50, surging 19 places from last year.

Moneybox’s revenue has risen more than 1,000 per cent over the last four years, and the company has been profitable since its second quarter this year.

The company now boasts over £5bn in AUA, a 43 per cent year on year increase. AUA is the total market value of assets that a financial institution manages on behalf of its clients.

The metric indicates the size and scale of a firm’s operations and its ability to attract and retain clients.

Co-founder and co-chief executive of Moneybox, Ben Stanway, said the achievement is “a testament to our hardworking and talented team”.

He added: “Against a backdrop of persistent cost of living challenges, our customers are saving and investing more than ever, in most cases because they are prioritising their financial goals over their discretionary spending.

“Moneybox is now profitable and this presents us with an amazing opportunity to re-invest these profits into the Moneybox proposition to make it even better for our customers.”