Car rental tech venture Finalrentals is looking to accelerate its global growth plans following a six-figure equity investment. The Cardiff-based firm, with provides a customer tech platform for car rental businesses globally, has closed a pre-Series A investment round.
Its brings it total fundraising to over £1m following its first round in 2022. The latest round was backed by E100 London Business School Angel Syndicate, leading angel investors from both London and the United States, as well as existing backers
Since its last funding round, Finalrentals has tripled its revenue, achieving a 300% year-over-year increase, and expanded into over 30 international markets. The company has also grown its global partner network to include more than 500 car rental providers. With this new investment, Finalrentals aims to surpass the £1.1m annual net revenue mark while increasing its global team by 40% to support further expansion.
Founder and chief executive Ammar Akhtar said: “This funding is a testament to the strength of our vision and execution. With the backing of our investors, we are poised to redefine the car rental experience, empowering local rental companies with cutting-edge technology, automation, and seamless global reach. We will use this funding wisely and will work towards growth only growth."
Finalrentals plans to use the funds to enhance its AI-driven automation, accelerate product development, and expand its international footprint, targeting key markets in Europe, the Middle East, and North America.
The car rental sector is worth $100bn globally with Finalrentals well positioned as a key disruptor, bridging the gap between local rental businesses and global travellers through its innovative tech platform.
It comes as it has expanded into the lucrative UAE marketplace in a partnership with car rental provider Autorent.
The UAE’s car rental industry has experienced significant growth in recent years, driven by an increase in tourism and a growing demand for flexible mobility solutions.
Mr Akhtar said; “This partnership will revolutionise the car rental sector in the UAE, providing a seamless and technology-driven experience for customers.”
Paulo Fernandes, chief operating officer of Autorent, said: “Partnering with Finalrentals marks an exciting chapter for Autorent and Bahwan International Group. By combining our local expertise with Finalrentals’ innovative digital solutions, we aim to deliver a seamless and superior car rental experience for our customers.”
