Finalrentals, one of Wales’ fastest-growing fintech firms, has recently been honored with The Aled Miles International Impact Award at the Wales Technology Awards 2024. This accolade recognizes the top global tech business in Wales. The company also clinched the title of Fintech Startup of the Year at the Fintech Wales Awards 2023.
Established in Dubai in 2019, Finalrentals has experienced rapid growth since Akhtar arrived in the UK under the Innovator Visa, part of the UK Government’s Global Entrepreneur Program. Within a month of his arrival, Finalrentals secured a pre-seed funding round in September 2022, raising a six-figure sum from four business angels led by Eamon Tuhami and venture capital firm Fuel Ventures. The company is now nearing the completion of a pre-Series A funding round.
In just two years, Finalrentals has achieved a 500 percent increase in annual revenue and is aiming for a gross revenue of £10 million in the upcoming fiscal year. This growth is driven by its expansion into new markets. The Finalrentals platform now operates in 34 countries, including Costa Rica, Greece, Mexico, Portugal, Saint Lucia, the UAE, and the USA. Recent additions of Saudi Arabia, Turkey, and Montenegro have boosted revenues by 68 percent month over month.
Akhtar expressed gratitude for the support from Wales, highlighting how the region has embraced the company and its innovative approach. “Our success story demonstrates that with the right technology, business model, and revenue strategy, the UK offers a fertile ground for growth,” he said.
Finalrentals aims to disrupt the car rental market, valued at $99.74 billion in 2023 and projected to reach $124.10 billion by 2029. By providing local car rental businesses with online visibility and a global market reach, Finalrentals is positioned to challenge the traditional market leaders and simplify the car rental process for customers.
