Penarth-based fintech company, Finalrentals, is a car rental booking platform which enables users to search for and compare car rental prices from a range of companies in a chosen location.
Established in 2019, the company has seen its staff count, number of clients and gross revenue treble over the past 12 months thanks to its export strategy.
Exports account for 100% of Finalrentals’ trade, with the company offering its platform in over 30 countries worldwide across Europe, North Africa, North America, the Caribbean and the Middle East.
Following recent success in Europe with new contracts in Greece, Portugal and the Balkans worth approximately £500,000 per annum, the company has set its sights on further European expansion, aiming to triple its client base to 100 clients by 2025.
Going from a newly founded company to one that relies solely on international markets in just four years, Finalrentals’ export success has been accelerated thanks to the support it has received from the Welsh Government.
This support has included financial assistance to join a Trade Mission to the US West Coast as well as upcoming opportunities for market visits to key target regions, the Middle East and South East Asia. This support has directly led to new business for the company and opens the door to potential new clients in key regions.
Finalrentals is also part of the Welsh Government’s Export Cluster programme. The programme brings together companies across five key sectors, including technology, to learn from one another, share best practice, receive expert export advice and jointly develop export capabilities.
Ammar Akhtar, founder and CEO at Finalrentals, said: “Exporting wasn’t always part of the growth plan, but when the pandemic hit, we looked at opportunities for growth beyond the domestic market and that was the catalyst for our expansion, leading to our first export deal in Malta.”
“Overseas demand for our services has surged ever since, prompting us to make the decision to adapt our strategy and solely focus our efforts on international markets. 100% of our business is now from exports and we don’t see demand slowing down anytime soon.”
"The Welsh Government has played a great role in our export growth over the last few years. Through our dedicated International Trade Advisor, we have been introduced to new contacts and opportunities as well as received localised advice, opening up new markets for our business. We have also had support to attend international trade missions and exhibitions, which have directly led to new customers for Finalrentals.”
“We are already seeing real success in Europe, notably in Serbia and Albania, and are now looking to expand our presence in other markets within Eastern Europe as tourism to these regions increases. Singapore and parts of south east Asia are also key target markets for us for 2024 onwards. We plan to unlock new markets by participating in trade shows and events around the world where we can meet potential contacts in these regions.”