· OnBuy has held its position as the 11th fastest-growing UK Tech company in the UK 2023 Deloitte Technology Fast 50 listing for the second year running
· Third consecutive Fast 50 feature for the marketplace labelled as ‘unviable’ by industry nay-sayers back in 2016
· Further growth expected following 2024 plans for international expansion off the back of strategic investment
UK online marketplace OnBuy.com has been named a winner in the Deloitte Technology Fast 50, making this the third consecutive year that the brand has been recognised. This year the tech company, based in Bournemouth, ranked 11th overall, as well as securing the title of Fastest-Growing Tech business in the Southwest.
Rankings are based on average percentage growth over four years, with OnBuy achieving an impressive 3263% growth since 2019.
For OnBuy, the inclusion represents a consistent benchmark of success, which clearly demonstrates to sellers, customers and potential investors that the brand is thriving and here to stay.
OnBuy’s CEO and founder, Cas Paton, said: “This is an incredible achievement for me and the OnBuy team. We’ve dedicated so much time, energy and passion into transforming OnBuy from a vision to a marketplace that provides a fairer choice for sellers and a better place to shop for consumers. By rewarding our customers and finding new ways to add value to their shopping experience, we’re continuing to grow from strength to strength.
“When we launched OnBuy, I came up against a lot of industry nay-sayers who felt it was unviable due to the level of competition in the market from the likes of Amazon and other global giants. But sellers and customers are ready for change and, if anything, we launched at exactly the right time, proven by our outstanding and consistent growth.
“To feature in these prestigious awards for three consecutive years just shows the appetite for a marketplace that does things differently and proves to those who doubted us in the early years that OnBuy has truly landed and is only going to keep getting bigger and better.”
OnBuy sets itself apart from competitor brands by refusing to compete with onsite sellers, offering competitive fees and hands-on support that allows retailers to flourish. It has also taken a unique approach to rewarding its customers, shunning traditional loyalty schemes with the introduction of its industry-first Cashback model, which allows consumers to earn instant Cashback on everything they buy.
OnBuy Cashback puts the control firmly in the hands of the customer and can be redeemed instantly against their next order, saved, or withdrawn to their bank account after 30 days, providing they have a balance of £5 or more.
The approach adopted and executed by Cas and his team is proving disruptive in the industry as they pursue their vision to change eCommerce for the better.
He commented: “We see what enormous multinationals have done right, but also what they’ve done wrong, and we’re using that knowledge to drive our business forward the OnBuy way.”
The Deloitte win comes hot on the heels of OnBuy’s recent announcement that it will begin the first phase of its international roll-out following strategic investment from a NASDAQ-listed global tech firm.
Paton said: “This year has been a complete transformation for OnBuy. We achieved our first ever profitable month in October and we’re confidently forecasting a profitable quarter, which is huge. We’re in the strongest position we have ever been in, which has allowed us to secure strategic investment from new and existing parties that will help us to ‘scale out’ at pace. We’re also exploring the possibility of opening a small round for external investors, our sellers and customers via crowdfunding.
“We’re setting our sights firmly on the next big goals; driving our UK business to new heights by investing in our technology and scaling. We also expect to generate significant additional growth as we plan to launch our first overseas websites in 2024, which is very exciting!”
He continued: “This win pays great testament to all the hard work that the OnBuy team has put into realising our strategy as we begin the next stage in our journey. We are truly disrupting the industry, and I’m grateful to every investor, seller and customer who has supported us over the past few years with unwavering belief in OnBuy’s vision.”
Ends
Media Enquiries:
Rosie Fitzgerald | Head of Brand | rosie.fitzgerald@onbuy.com
Notes to Editors
2021 Fastest growing tech business in South West and Wales/ 2022 placed 11th overall/ 2023 placed 11th overall
About OnBuy
Founded in the UK in 2016 by Cas Paton, OnBuy has a simple vision to change online retail for the better. By not stocking its own inventory, the brand has established itself in the eCommerce sector as a pure online marketplace that doesn’t compete with retailers.
Offering millions of products across a range of sectors including electricals, toys, beauty, home and garden, OnBuy gives thousands of verified online retailers the platform to provide competitive prices and exceptional value to customers.
Trusted by millions of consumers and world-leading brands, OnBuy understands its customers and partners with its retailers, offering them an online marketplace that works with them, not against them. And with customers benefiting from the marketplace’s unique and generous Cashback offering, it pays to shop with OnBuy.
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