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The UK tech space has seen several exciting developments that are attracting investor attention. Join us as we count down some of the top UK tech stocks to watch in 2023 that are either based in the UK or listed on the London Stock Exchange, based on growth potential, P/E ratios and annual revenue.
The UK’s technology industry has flourished over recent years, helped by increasing demand for products and services within the software-as-a-service (SaaS), e-commerce, cyber security and artificial intelligence (AI) sectors.
Between 2010 and 2020, the number of British tech unicorns (private companies valued over $1bn) grew tenfold. Throughout 2020 and 2021 alone, there were a number of exciting tech IPOs listing on the London Stock Exchange, including well-known companies such as Deliveroo, Trustpilot [TRST], Darktrace and Wise [WISE] (formerly TransferWise).
Below is a table of UK tech stocks that have been selected based on recent earnings, market capitalisation and growth potential for the future. These are all available to trade on via spread bets and contracts for difference (CFDs) when you open a CMC Markets account. Please note that statistics shown below are taken from the London Stock Exchange and official company reports or updates. Past performance is not indicative of future results.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Approximately 80% of retail investor accounts lose money when trading CFDs, according to Financial Conduct Authority (FCA) data. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Wise (previously known as TransferWise) is a London-based fintech company that offers digital payments services on a global level. It was founded in 2010 and has over 19m customers to date, offering them to hold and convert around 50 currencies on the app with no hidden fees. Wise is authorised and regulated by the FCA in the UK and has 17 offices across the world.
Wise had its IPO in July 2021, debuting on the LSE. Its IPO came after a successful financial year, where Wise reported a revenue growth from £179m in 2019 to £302.6m in 2020. The firm moved its primary listing to the Nasdaq in May 2026, though it maintains a secondary listing on the LSE. It has been profitable since 2017, recording pre-tax profit of $660.4m in FY2026, alongside net revenue of $2.5bn. Wise has also partnered with other financial institutions such as Monzo and boasts investors like Richard Branson and Max Levchin.
Ocado is an online grocery retailer listed on the LSE. In addition to selling products directly to consumers, it develops software, robotics and automation systems for online retailers across the world such as Morrisons (UK), Alcampo (Spain), Kroger [KR] (US) and Coles [COL:AX] (Australia). The company, which was founded in 2000, uses robot-operated systems to pick out products in warehouses, which are then shipped to customers. An innovative company, it is one of the only grocery chains in the world to incorporate AI within its services, using the technology to reduce operating costs and improve efficiency.
Ocado performed particularly well throughout 2020 given the Covid-19 crisis, which caused many traditional supermarkets to move their services online. Marks & Spencer [MKS] paid £750m in September 2020 to acquire a 50% share of Ocado’s business in a joint venture named Ocado Retail. Revenue for the company stood at £1.36bn in 2025, up from £1.21bn in 2024, and Ocado is continuing to invest in its robotics and automation capabilities.
Softcat is a leading provider of IT infrastructure within both the public and corporate sectors. The company was founded in 1993 and is headquartered in Marlow, with additional offices across the UK and Ireland. It has approximately 12,500 customers. Softcat provides services such as business intelligence and analytics, software licensing, end user computing and mobility, asset management, and networking and security.
Softcat stock is listed on the FTSE 250 index. Softcat’s revenue in 2025 equalled £1.46bn, up 51.5% from the previous year. It also recorded a gross profit of £494.3m and operating profit growth of 16.9%, where its customer base was up by 1.6%. Half year reports show that robust growth has continued in the first six months of 2026, so keep an eye on Softcat’s financials.
Kainos Group is a software company founded in 1986 and headquartered in Belfast. It provides digital technology solutions and Workday deployments that allow organisations to work more efficiently at a faster pace. The company offers a range of services to do with cloud and engineering, data and AI, intelligent automation, and service and experience design, which are primarily used within the financial services, education, government, and healthcare and life sciences industries. Kainos has offices worldwide and is one of HR platform Workday’s [WDAY] main implementation partners. It is listed on the FTSE 250 stock index.
FY2026 saw Kainos log revenue growth of 17% to £431m. Annual recurring revenue grew 23% to £89m, on track for the company’s target of £100m by the end of the calendar year. Notably, AI revenue reached £46m in FY2026, representing 19% of digital services revenue. Some of Kainos’ biggest customers include Netflix [NFLX], Capital One [COF] and Whole Foods, as well as the UK Home Office and NHS.
Trustpilot is a Danish consumer review website that currently hosts over 400m active reviews and over 60 million monthly active users. Founded in 2007 in Copenhagen, the aim of Trustpilot is to bring businesses and consumers together to build trust around a particular product or service and to create better experiences. Trustpilot debuted on the LSE in March 2021 and is a constituent of the FTSE 250 index.
The company reported revenue of $261.1m in 2025, representing year-on-year growth of 24%, and bookings of $291.4m, up 22% from 2024. Momentum has continued into 2026, with expected bookings of $171m for the first six months of the year representing growth of 22% from the same period of 2024.
Sage Group is an accountancy SaaS company that focuses on small to medium businesses and self-employed customers. Based in Newcastle, the company was founded in 1981 and is a market leader for integrated accounting, payroll and payment systems. It is the world’s third-largest supplier of enterprise planning software behind Oracle [ORCL] and SAP [SAP], and it has also started to sell subscription-based software to bring in recurring revenue.
Sage is seeking to attract new customers to its AI-powered platform, with its customer base growing by 9% in the first half of 2026 and its annual recurring revenue growing 11% to £2.7bn. Revenue for the period was £1.36bn, also up 11%, the vast majority of which – 97% – was recurring. Profitability was also improving, with its H1 2026 operating margin growing by 80 basis points to 23.9%.
Company | Market cap (2026) | Revenue (2025) | P/E ratio |
|---|---|---|---|
Wise | £9.50bn | £1.65bn | 27.52 |
Ocado | £2.02bn | £1.36bn | 4.29 |
Softcat | £4.15bn | £1.46bn | 30.13 |
Kainos | £1.42bn | £367.2m | 35.19 |
Trustpilot | £1.13bn | $261.1m | 222.67 |
Sage | £9.90bn | £2.51bn | 27.79 |
Sources: Company filings; Yahoo Finance
All values for LSE listing; up to date as of 31 August 2026
Largest players
Wise and Sage dominate by market cap
Both are profitable, high-margin software/fintech businesses
Mid-cap growth tech
Softcat, Trustpilot, Kainos sit around £1bn-4bn
Typically:
Strong revenue growth
Moderate or rising profitability
Distressed / low multiple
Ocado (P/E 4.29) stands out
Indicates low earnings expectations or risk
Reflects challenges in scaling profitability
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The UK tech landscape continues to evolve, with several high-growth companies moving beyond startup status into more mature, revenue-generating businesses. Rather than early-stage hype, investors are now focusing on scalability, profitability, and real-world adoption. Here are a few notable names to watch:
Zego: This insurtech firm has continued to expand its presence internationally, leveraging data-driven pricing models for commercial motor insurance. With partnerships across the gig economy and a growing customer base, Zego reflects the broader trend of embedded insurance within digital platforms.
Cerillion [CER]: Now firmly established as a profitable SaaS provider, Cerillion has benefited from increasing demand for cloud-based billing and CRM solutions. Its strong financial performance and exposure to telecoms and utilities make it an example of a UK tech company transitioning from growth to consistent earnings.
Revolut: One of the UK’s most prominent fintechs, Revolut has scaled significantly, aiming to serve 100 million users globally by mid-2027. With continued revenue growth and expansion into new financial services, it remains a strong IPO candidate, with valuations discussed ranging from $150bn-200bn estimates depending on market conditions.
Onfido: Operating in the digital identity and fraud prevention space, Onfido has seen growing demand as businesses prioritise secure onboarding. The company has expanded its AI capabilities and global client base, reflecting the increasing importance of identity verification in digital economies.
Some of these companies are already listed, while others – such as Revolut – remain private and could feature in a future IPO. To stay up to date with potential listings and market developments, you can sign up below and set up trading alerts with CMC Markets, helping you react quickly as new opportunities emerge.
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There isn’t a specific ETF that tracks only UK-based tech stocks. However, we offer a number of ETFs that track other FTSE constituents for example, such as the iShares Core FTSE 100 ETF Vanguard FTSE 250 ETF. Learn more about exchange-traded funds.
Investing in start-up companies can be risky as the majority of new businesses tend to fail and it can be a complex process. However, with our spread bet and CFD products, it’s possible to trade on the price movements of underlying companies that are already established on a stock exchange and therefore have more financial information publicly available.
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