Final Rentals Becomes First Global Franchise Network to Roll Out Deposit-Free Car Rental

Cardiff-headquartered fintech Final Rentals has become the first global car rental franchise network to make deposit-free rentals available across more than 65 countries.

The move will give every Final Rentals franchise partner the option to remove traditional security deposits, allowing customers to hire a vehicle without having hundreds or potentially thousands of pounds tied up on their credit card.

More than 100,000 rentals are processed through the Final Rentals platform each year.

Security deposits have traditionally been a source of friction within the car rental process. Deposits typically range from €500 to €2,500, while industry research cited by Final Rentals suggests fewer than 5% of customers read booking terms explaining deposit requirements before arriving at the rental desk. Separate research cited by the company found that 68% of deposit disputes relate to poorly communicated terms rather than genuine vehicle damage.

Final Rentals partners can activate the new service through the company’s platform.

The deposit-free option has been introduced through a partnership with fintech company Cardoo, which replaces the traditional security deposit with a financial guarantee.

Customers can choose to pay a small daily fee instead of an upfront deposit, while rental operators remain protected against vehicle damage, traffic fines, administrative charges, fuel shortages and other eligible charges.

Final Rentals is headquartered in Cardiff and operates across more than 65 countries, connecting customers with local car rental providers through its digital booking platform.

The company also has a longstanding connection with the Welsh fintech ecosystem. Founder and CEO Ammar Akhtar was one of eight founders selected for the second cohort of the FinTech Wales Foundry accelerator programme in 2022, before Final Rentals established its global headquarters in Wales.

Ammar Akhtar, founder and CEO of Final Rentals, said:

“I’ve always said I want to put car rental deposits in a museum. They belong in the past. Customers shouldn’t have to lock away hundreds or even thousands of pounds just to hire a car, and rental businesses shouldn’t have to spend time dealing with avoidable disputes.

“Making deposit-free rentals available to every partner across our network gives operators more choice while making the experience simpler and more transparent for customers. Becoming the first global franchise network to offer this across every market is an important milestone for us, and another step towards making deposit-free car rental the norm.”

The agreement was secured by Final Rentals’ head of sales, Ricky Gamble, who led negotiations with Cardoo.

He said:

“Our franchise partners are always looking for ways to improve the customer experience while protecting their business. Deposit-free rentals remove one of the biggest barriers to booking and give operators another way to stand out in an increasingly competitive market. It’s been fantastic to work with the Cardoo team to bring this partnership together, and we’re excited to see partners around the world start offering the service.”

Alisher Murtazaev, founder and CEO at Cardoo, said:

“We’re pleased to be working with Final Rentals to make deposit-free rentals available across its international franchise network. Together, we’re helping rental businesses offer customers a simpler rental experience while maintaining the protection they need.”