A Welsh fintech company has secured its biggest export deal to date, worth a projected £5 million over five years, thanks to support from the Welsh Government.
The deal will see Finalrentals, a digital car rental platform based in Cardiff, add ten key locations across Turkey including major cities Istanbul, Ankara and Bursa, with access to a network of over 500 vehicles.
Finalrentals negotiated the milestone contract at ITB Berlin, the world’s largest travel trade show, which the company attended with the support of the Welsh Government last month.
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 an additional £200,000 a year.
Following its recent success, Finalrentals has now set its sights on further global expansion, aiming to increase its client base to 100 clients by 2025 – equivalent to 200% yearly growth.
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 36 countries worldwide across Europe, North Africa, America, the Caribbean and the UAE.
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.
“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 negotiate deals in-person. There’s nothing like it.
“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.
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 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 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 revenue streams for Finalrentals.”
