Ammar Akhtar, Founder and CEO of Finalrentals successfully secures a spot in Tech Nation’s prestigious Libra Programme and becomes the only Wales-based business amongst a cohort of 25.
Tech Nation’s Libra Programme is dedicated to empowering and connecting underrepresented tech founders, equipping them with the knowledge, connections, and tools necessary to scale their tech startups.
According to Tech Nation, the UK’s Black and Multi-Ethnic communities comprise 14% of the UK population, yet all-ethnic teams received an average of 1.7% of the venture capital investments made at seed, early and late stage between 2009 and 2019.
Established in December 2016, Finalrentals launched with no investment but a wealth of industry experience from Akhtars decade in the rental car industry. Since launching, Finalrentals has secured a 5-figure investment to date from Development Bank for Wales, Fuel Ventures as well as prominent angel investors in Wales.
Now one of Wales’ fastest growing tech startups, Finalrentals is working across 27 countries, 400 locations and has access to 98,000 vehicles with ambitious plans to provide 100+ jobs in Wales (predominantly Cardiff). Akhtar has a vision to build a substantial HQ in Cardiff and reach a £1billion valuation by December 2028.
Finalrentals was established in the UAE in 2016 before headquartering in Poland in 2019. The business relocated to Wales in 2022 where it remains with no plans to move. Akhtar says “I’m often asked why Wales? I see Wales as the next Silicon Valley. Businesses based in Wales have access to an enormous amount of talent, investment and mentors which are 3 very important aspects when you are relocating your startup”
Akhtar goes onto say that “unlike other countries in the UK, Wales is not saturated. Founders have incredible support networks at their fingertips such as Tramshed Tech and Fintech Wales. Coming to Wales has changed my life. Prior to being here, I was bootstrapping and trying to make ends meet, but Wales taught me that I can scale. Now, I can imagine Finalrentals being a unicorn. Things that take months in England, take weeks if not days in Wales.”
Finalrentals is currently based in Wales’ leading tech Innovation Hub – Tramshed Tech which provides connected workspaces, next-level business support programmes and specialist skills training to help supercharge the growth of tech, digital, and creative businesses in Wales and beyond.
Tramshed Tech deliver a range of Innovation programmes which aim to attract a diverse cohort including Welsh Government’s Tech Export Cluster Programme which supports Welsh tech businesses to expand into international markets, as well as the Welsh Government funded Soft-Landing Programme which supports international tech businesses to ‘soft-land’ in Wales.
The Soft-landing programme is currently open to applications from businesses based outside of the UK who are looking to expand or relocate to Wales. Participants benefit from a tailored 12-week business support programme, coupled with six months of complimentary office space at Tramshed Tech’s new ‘Innovation Station’, located in Newport, South Wales.
Applications close March 2024. Businesses can apply here.
