Five Croatian Companies Make it Onto FT's Prestigious List

March the 7th, 2023 - Five Croatian companies have made it onto the Financial Times' prestigious list of the fastest growing companies based in Europe.

As Poslovni Dnevnik/Josipa Ban writes, as many as five Croatian companies have been included in the prestigious Financial Times list of the fastest growing European companies. This ranking follows the growth of company revenues in the last three years, ending in 2021, and according to the growth criteria, five Croatian companies have entered the prestigious rankings of the 1000 best.

At the very top of the list, in a very impressive fourteenth position, is Aircash, which makes it the best positioned domestic company, but also one of the fastest growing in Europe. Devōt (87th place), Syntio (551st place), Heloo (712th place) and SysKit (771st place) also follow.

At number one on the FT list was Tripledot Studio, a mobile video game development studio from Great Britain whose three-year average revenue growth rate was 794%. The most fast-growing European companies on the list come from Italy (260), Germany (217) and Great Britain (155).

The impressive growth in income achieved by these companies, writes FT, can be best explained by the situation they found themselves in back in 2021. It was a time of restrictions imposed due to the coronavirus pandemic and interruptions in supply chains. Because of the above, many sectors, especially tourism, catering/hospitality and trade, faced a significant drop in sales and an increase in costs. And while they were fighting for survival, the IT and technology sector was blooming. Namely, people were forced to work, and then do their shopping from home, which accelerated the digitisation process and the growth of online sales.

"The FT's great recognition for our company is also a confirmation of the success of our continuous work and efforts in the development of innovative financial products and services. We managed to radically and permanently change the way the traditional industry functions, and this is a confirmation that we 'e going in the right direction", said Hrvoje Cosic, the founder and director of Aircash, the company that developed the very first Croatian digital wallet, which is used by more than half a million people today.

Their growth, he says, was significantly influenced by the expansion of operations to several new EU markets last year. Investments in the development of new technologies and products will be crucial for their continued growth and maintaining their leading position in this industry, he pointed out.

"Further expansion plans will further strengthen our global position, and considering the fact that we work to improve the user experience every day and offer simpler and more efficient solutions for our users, this recognition further motivates us to continue working on the development of new services and products and the establishment of new partner relationships in with the goal of further business expansion,'' the founder and director of Aircash stated as his plans for this year.

With impressive growth of 155% and revenues of 2.6 million euros, Devōt, which is focused on product development within the so-called health tech system is the second best positioned domestic company on the list.

Third, in 551st position, comes Syntio, whose average three-year growth was 57.4%, while its revenues in 2021 amounted to 3.4 million euros. It is a company that was founded in 2017 and deals with cloud-based data engineering. Today, they have 110 employees, and their clients come from all over the world, from Scandinavia to the USA to South Africa.

"Year after year, we've been recording positive business results, and this prestigious award confirms that we're carrying out quality work for the second year already," pointed out Davorin Cetto, the co-founder and director of Syntio.

With growth of 47.3 percent, the company Heloo, which achieved 12 million euros in revenue in 2021, also took 712th place on FT's list.

The last of the Croatian companies that managed to enter the list thanks to its business results is SysKit. This particular startup, which develops a platform for managing Microsoft's environments, is positioned in 771st place with a growth of 44.8 percent and three million euros in revenue in 2021.

"Although for the last few years we've been extremely focused on scaling the company, due to the great competition, we didn't expect to be included on the list. This is an additional confirmation that our continuous investment in people, knowledge and product enables us to stand among the most successful European organisations,'' said Toni Frankola, the CEO of SysKit.

For more on Croatian companies, check out our business section.