Welsh fintech business globalises deposit-free car rental service

max taylor - journalist

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Final Rentals has launched a deposit-free car rental option across its international franchise network, giving customers in more than 65 countries the option to hire vehicles without paying a traditional security deposit.

The Welsh-founded company, which processes more than 100,000 rentals a year, says the move makes it the first global car rental franchise network to offer the option across its entire partner network.

The service has been developed with financial technology company Cardoo and replaces the upfront deposit with a financial guarantee. Customers can instead pay a daily fee, while rental operators retain protection against eligible costs including vehicle damage, fines, fuel shortages and administrative charges.

Founded in Cardiff in 2019, Final Rentals has expanded to more than 65 countries through its franchise model, connecting customers with local vehicle rental providers through its digital booking platform.

The latest development marks another step in the international expansion of the Welsh fintech, with franchise partners able to activate the deposit-free service through Final Rentals’ platform.

Ammar Akhtar, founder and CEO of Final Rentals, said: “I’ve always said I want to put car rental deposits in a museum. They belong in the past. Customers shouldn’t have to lock away hundreds or even thousands of pounds just to hire a car, and rental businesses shouldn’t have to spend time dealing with avoidable disputes.

“Making deposit-free rentals available to every partner across our network gives operators more choice while making the experience simpler and more transparent for customers. Becoming the first global franchise network to offer this across every market is an important milestone for us, and another step towards making deposit-free car rental the norm.”

Final Rentals’ head of sales, Ricky Gamble, who led negotiations with Cardoo, said: “Our franchise partners are always looking for ways to improve the customer experience while protecting their business. Deposit-free rentals remove one of the biggest barriers to booking and give operators another way to stand out in an increasingly competitive market. It’s been fantastic to work with the Cardoo team to bring this partnership together, and we’re excited to see partners around the world start offering the service.”

Founder and CEO, Alisher Murtazaev, at Cardoo said: “We’re pleased to be working with Final Rentals to make deposit-free rentals available across its international franchise network. Together, we’re helping rental businesses offer customers a simpler rental experience while maintaining the protection they need.”