Finalrentals, an international online vehicle rental web app startup with its headquarters in Cardiff, has recently closed a funding round by a group of four business angel investors led by investor Eamon Tuhami and venture capital firm Fuel Ventures. The six-figure grant was matched by the Wales Angel Co-Investment Fund of the Development Bank of Wales.
Ammar Akhtar launched Finalrentals in 2019 in Dubai, where it is now headquartered in Tec Marina in Penarth. Ammar is originally from Pakistan, but as part of the UK Government’s Global Entrepreneur Programme, he moved to the UK from Poland on an innovator visa and participated in FinTech Wales’ Foundry. It is a no-equity accelerator programme that offers guidance and support to entrepreneurs in Wales to help them grow and incubate.
Ammar founded Finalrentals with a team of 8 people, including four women, and an experience in developing software and websites. Across the world, including nations like Canada, the United States of America, and the United Arab Emirates, regional vehicle rental companies now make use of this ground-breaking platform.
Ammar Akhtar made the following statement regarding his voyage: “This has been a three-year adventure that started in my house garage, affectionately known as the “Gar-Office,” from Pakistan to Dubai, then Poland to Cardiff.
He went on to discuss his company concept and how it was carried out, stating that local car rental companies, which excel at providing excellent customer care but are unfamiliar with eCommerce, make up more than half of the worldwide vehicle rental market. My previous experience working with organisations like Thrifty, Dollar, and Payless convinced me that there was a significant chance to create a cutting-edge vehicle rental platform that local providers could use.
Although we put in a lot of effort to create the software and sell our product, participation in the Fintech Wales programme served as the growth engine. We had a terrific chance to network with Welsh investors and gain mentoring from them, and as a result, we were able to secure this significant investment that will now allow us to scale the firm. Wales has a culture that values progress and creativity, and I’m happy to finally call Cardiff my home.
Founder and principal backer of Hwyl.Ventures “I was astonished to hear that 52% of the world’s automobile rental companies are tiny enterprises who struggle to receive and make orders online,” Eamon Tuhami said at the time. Ammar and his team have created a ground-breaking platform that is already changing the world. It has been a joy to introduce him to other angel investors and funds as well as to the FinTech Wales Foundry programme. He and his family are quite welcome here in Wales, and I think this is only the beginning of something really amazing.
“As Wales’ largest angel network, we link seasoned investors with Welsh companies looking for private funding. This specific syndicate, led by seasoned investor and business angel Eamon, will provide Finalrentals significant firepower as one of the best-in-class websites for car rental companies worldwide. The support of Fuel Ventures is also something we are happy to embrace, according to Tom Preene, operations manager at Wales Angel Co-Investment Fund.”
