A Welsh FinTech firm has secured a milestone £5m export deal, as it looks to kickstart its global expansion plans.
Finalrentals, a digital car rental platform headquartered in Cardiff, clinched the deal, projected to be worth £5m over five years.
Supported by the Welsh Government, this agreement marks a significant step forward for the Welsh FinTech company.
The deal, negotiated at ITB Berlin, the world’s largest travel trade show, will enable Finalrentals to expand its presence across ten key locations in Turkey, including major cities such as Istanbul, Ankara, and Bursa. With access to a network of over 500 vehicles, Finalrentals aims to tap into the competitive Turkish car rental market.
Investing in international trade shows and targeted market visits has been pivotal to Finalrentals’ export success.
Recent visits to San Francisco, Singapore, Madrid, and Berlin have resulted in additional contracts with partners in Turks and Caicos, Bahamas, and Montenegro, amounting to an extra £200,000 in annual revenue.
With eyes set on further global expansion, Finalrentals aims to grow its client base to 100 by 2025, representing a 200% yearly growth. The company attributes its accelerated export success to the unwavering support received from the Welsh Government.
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.
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