A British online marketplace which has taken on industry heavyweights Amazon and eBay has been named as one of the country’s fastest-growing tech companies.
When Cas Paton launched eCommerce company OnBuy in 2016, he says some industry professionals warned he was wasting his time and money, and that any attempt to break the online marketplace monopoly was a ‘losing battle’ as it would be ‘impossible to gain scale’.
He pledged to break the mould set by those that went before by creating an online marketplace that provides a better, fairer choice for both retailers and consumers.
Six years later, Paton’s gamble has paid off: the Bournemouth-based business has boomed and is now partnered with 17,000 retailers, offering shoppers the choice of 42 million products onsite.
OnBuy’s rise to success has today been officially recognised by one of the country’s leading technology awards programmes, the UK Technology Fast 50 2022, Deloitte’s prestigious ranking of the UK’s fastest-growing tech companies. The marketplace ranked 11th overall, with a huge 3,402% growth, based on revenue growth over the last four years, and also secured top spot for the South West region.
The accolade places the business alongside fellow 2022 nominees Nonacus, Wonde and tripledot, while previous award winners include runaway success stories Skyscanner, Just Eat, Deliveroo and Revolut.
For OnBuy, the inclusion represents a legitimate benchmark of success, which will result in enhanced brand and customer recognition, as well as all-important visibility with potential investors – a key driver for the brand in 2023. OnBuy was also recognised by our sister website BusinessCloud last year with No.1 spot in the RetailTech 50 innovation ranking.
Paton, 38, said: “When I launched OnBuy six years ago, I was told time and time again by industry ‘experts’ that taking on the likes of Amazon was a ‘losing battle’ and ‘impossible’.
“While these comments, from people who were ‘in the know’ at the time, gave me pause for thought, I was always steadfast in my belief that there was room for an online marketplace that does things differently. We were told a UK marketplace would never be able to compete with the big hitters, but now look – we have done the ‘impossible’.
“We embarked on a journey to create a marketplace that provides a better, fairer choice for sellers and consumers. We pledged to work together to take on the incumbent monopoly and start something special.”
Paton has had his own unique path to success, after leaving school aged 16 and entering the Royal Navy, where he worked as an aircraft engineer for four years.
He then set up a tech development company with the last £80 he had in the bank and developed the business exponentially to the point he transitioned into consultancy.
From there, then in his mid-20s, Paton decided it was a “natural leap” into eCommerce. However, at that point, he could never have predicted the runaway success of the business that became OnBuy.
Paton said: “Today’s inclusion on the UK Technology Fast 50 is a culmination of years worth of work. It’s incredibly gratifying and a genuine benchmark of success for us. The names attached to the list over the years are astounding, and to know that industry experts see us similarly is a huge win.
“But this is just the start for us, we have a long way to go and enormous ambition within the space. We’ll use this as a springboard to take the next step in our journey – with several massive developments planned for 2023 that we think are really going to shake up the industry.”
Following a successful period for the business, OnBuy forecasts continued growth over the next two years, with an ever-increasing market share.
And while the UK-born company exclusively operates on home soil currently, Paton and his team are aiming to expand overseas in the very near future.
“While we know there is room for multiple online marketplaces, our incredible growth since launching, particularly over the past two years, has put us hot on the tails of the likes of Amazon and eBay,” he said.
“We see what enormous multinationals like that have done right, but also what they have done wrong, and we’re using that knowledge to drive OnBuy forward in a new and innovative way.”