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 substantial growth over the last five years. Most recently, Finalrentals has secured its biggest export deal to date – a £5 million, 5-year contract that will see the company add ten key locations across Turkey with access to a network of over 500 vehicles.
Exports account for 100% of Finalrentals’ trade, with the company now offering its platform in over 36 countries worldwide across Europe, North Africa, North America, the Caribbean, and the Middle East.
Presence at trade shows and market visits to target regions have been key to Finalrentals’ export success, with the company visiting San Fransisco, Singapore, Madrid, and Berlin in recent months which have directly resulted in contracts with partners in Turks and Caicos, Bahamas and Montenegro worth £200,000 a year.
Ammar Akhtar, founder and CEO at Finalrentals, said: “Turkey is a notoriously difficult car rental market as it’s one of the biggest and most competitive in Europe. It’s not easy for an outsider to break into the market, but meeting with prospective partners at ITB Berlin allowed us to negotiate the biggest deal we’ve had to date.”
Going from a newly founded company to one that relies solely on international markets in just five years, Finalrentals’ export success has been accelerated thanks to the support it has received from the Welsh Government.
This support has included attending market visits across the globe, which have directly led to new business in these regions. Alongside this support, it has also been part of the Welsh Government’s Export Cluster programme, which 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 added: “This year we’ve been successful in unlocking brand new markets by participating in trade shows and events around the world where we can meet potential contacts in these regions. Being in-market gives your business an edge, enabling you to access information and knowledge, and negotiating deals in-person. There’s nothing like it.
“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 revenue streams for Finalrentals.”