Companies in the construction, fintech and IT sectors are among the fastest-growing in Singapore, according to the latest annual ranking by The Straits Times and global research firm Statista.

Companies in these three sectors accounted for 39% of Singapore’s 100 fastest-growing businesses. The ranking evaluated firms with the highest organic revenue growth between 2021 and 2024.

To qualify, companies must have a Singapore headquarters and grow revenue from at least S$150,000 in 2021 to S$1.5 million in 2024. Revenue must be generated through core business operations, excluding mergers, acquisitions, or partnerships. The ranking is based on compound annual growth rates calculated from certified revenue submissions, with a minimum average growth rate of 8. 8.4% required to be included on the list.

The top firms were construction and engineering companies, driven by strong demand for building, fit-out and sustainability-related services. At the top of the ranking was the solar engineering firm Clean Kinetics, whose revenue expanded 42-fold to S$15.3 million. Its office interior specialist, Conexus Studio, saw its revenue more than triple as companies resumed and reworked projects that had been paused during the pandemic.

In the next leading sector, fintech, 13 companies made the list. Digital investment platform Syfe debuted on the ranking for the first time, having grown its revenue more than sevenfold. According to the small and medium-sized enterprises (SME) financing platform Choco Up, the firm’s achievements were made possible due to rising funding needs among businesses scaling through e-commerce and cross-border trade.

The IT and software top list includes 17 firms, including Ailytics, which provides AI-driven video analytics for heavy industries and cloud communications firm Toku, which has more than doubled its revenue and has filed a preliminary prospectus for a listing on the Singapore Exchange’s Catalist board.

The ranking highlights the rising demand for such services in the market, as they are closely linked to central areas for SMEs in Singapore, including digitalization, infrastructure development and regional expansion.