A Welsh fintech company has tripled its revenue in just one year following a surge in demand for its product overseas, thanks to support from the Welsh Government.
Finalrentals, a digital car rental platform which employs 17 people at its Penarth office and remotely, has seen demand for its services skyrocket in Europe, with the company recently securing contracts in Greece, Portugal and the Balkans that will bring gross revenue of approximately £500,000 per annum.
Over the last year 12 months, the company has seen its team size, number of clients and gross revenue treble thanks to the new deals.
Following its success in Europe, it has now set its sights on further global expansion, aiming to increase its client base to 100 clients by 2025 demonstrating 200% yearly growth. The company plans to achieve this by moving into new territories, namely southeast Asia, attending a trade show in Singapore in October as part of its first steps to entering this new market, boosting its export potential by finding new clients in the region.
Established in 2019, 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. Exports account for 100% of its trade, with the company offering its platform in over 30 countries worldwide across Europe, North Africa, America, the Caribbean and the UAE.
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 past 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.
“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.”
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 support it has received from the Welsh Government.
The company has been supported to attend market visits in the US and the Caribbean, 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 and jointly develop export capabilities.
Ammar added: “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.”
