Case Study: Finalrentals – A Global Success with the Support of FinTech Wales
12 March, 2025
Introduction
Finalrentals, founded by Ammar Akhtar, has emerged as a global leader in the car rental marketplace industry. Founded in 2019 in Dubai, Ammar made the decision to relocate its headquarters to Cardiff, Wales in 2022. Following the move, Ammar took part in FinTech Wales’ Foundry – the accelerator programme that provides mentorship and support to help incubate and scale start-up businesses in Wales.
Having reached its third year in trading, February 2025 marks a major milestone for Finalrentals as it celebrates its third anniversary and the successful closure of a six-figure Pre-Series A funding round.
What’s the Idea Behind Finalrentals?
Finalrentals was founded with a simple vision: to make car rentals easier, more transparent, and accessible to travellers worldwide. With Ammar Akhtar’s vision and expertise in the mobility sector, the company rapidly grew from a regional startup into a global powerhouse. What began as a localised service in Wales soon expanded into multiple international markets, including Europe, the Middle East, and beyond.
What Support Did Finalrentals Receive from FinTech Wales?
As a FinTech Wales Foundry alumnus, Ammar was one of eight founders in the second cohort of the FinTech Wales Foundry. The programme provided opportunities for founders to access investors, workshops, and mentorship designed to address their unique challenges.
FinTech Wales has closely followed Finalrentals’ growth journey, providing support at every stage. The Foundry Programme not only provided “technical knowledge” for the founder but also introduced a network of investors and business leaders.
“We have worked tirelessly to build the software and get our product known in the market, but taking part in the FinTech Wales Foundry programme was the catalyst for growth. It gave us a great opportunity to network with the investor community in Wales and benefit from mentorship, which has ultimately led to us securing this major investment that will enable us to now scale the business,” said Ammar.
How Has Being Headquartered in Wales Helped Finalrentals Grow?
Finalrentals’ decision to base its headquarters in Wales has been a strategic move for the company’s growth. Wales offers a thriving environment for startups and positions the company in the heart of its target market.
Ammar commented: “There is an ecosystem in Wales that nurtures founders and rewards ambition. Being a fintech company based in Wales puts us in high regard in our target markets as we’re standing on the shoulders of ‘brand Wales,’ which is known for having a thriving and growing tech sector.
“At the same time, Wales is a hub for young talent in comparison to other parts of the UK. A lot of people come here to study, and tapping into the pool of talented graduates has allowed us to nurture people who have the potential to become great workers and advocates for our business. There is certainly a culture of innovation and growth in Wales, and I’m now proud to call Cardiff my home.”
How Did Finalrentals Achieve International Expansion?
Finalrentals’ international success can be attributed to its ability to adapt to local markets and customer needs. 52% of the world’s car rental companies are small businesses that struggle to take and manage bookings online. The Finalrentals platform meets the demand of the market by combining its global reach with local market intelligence.
In recent months, the company has visited San Francisco, Singapore, Madrid, and Berlin, which have directly resulted in deals with partners in Turks and Caicos, the Bahamas, and Montenegro — equating to an additional £200,000 a year.
Finalrentals is also a member of the Welsh Government’s Export Cluster programme, which brings together companies across five key sectors, including technology, to learn from one another, receive expert advice, and jointly develop export capabilities. The programme helps to support Wales’ growing tech sector.
Conclusion
Finalrentals is looking ahead to even greater expansion. New countries are being added frequently in its reach. Finalrentals aims to operate in 100 countries by the end of 2025, proving that with the right support and ambition, Welsh fintech companies can succeed on the global stage.