Meet Ammar Akhtar, CEO and Founder of Finalrentals, an Innovative E-Commerce Platform Revolutionising the Global Car Rental Industry

The car rental industry is undergoing significant transformation, driven by technological advancements and changing consumer expectations.

The global car rental market is estimated at USD 132.10 billion in 2024 and is expected to reach USD 220.10 billion by 2029. This surge is fuelled by the increasing demand for convenient, cost-effective travel solutions.

However, this growth also brings challenges. Many local car rental companies struggle to compete in the digital marketplace, missing out on a new generation of customers who prefer to do their bookings online with no or very little human interaction.

According to Statista, around 72% of the total revenue generated in the rental car industry is expected to come from online booking by the year 2027.

And yet, just like traditional banks, the car rental industry is too slow to adapt to the changing needs of its customers. From demanding face-to-face booking confirmations and pickups, to in-person booking changes, many of the industry olds are way behind the curve.

Like the neo-banks, Finalrentals is addressing these challenges head-on by leveraging its deep industry experience and proprietary technology to empower local car rental companies to enhance their digital presence and reach a broader audience to simplify the rental process.

Ammar is the founder and CEO of Finalrentals, an innovative e-commerce platform revolutionising the global car hire rental industry connecting small and medium independent car rental businesses with consumers.

Ammar Akhtar is originally from Pakistan but relocated to the UK with an Innovator Visa as part of the UK Government’s Global Entrepreneur Programme. He then took part in FinTech Wales’ Foundry – the no-equity accelerator programme that provides mentorship and support to help incubate, accelerate, and scale start-up businesses in Wales.

How Did You Come Up with the Idea for the Company?

For too long, the big car rental companies have monopolised the industry. So, when we launched in 2019, we had a simple mission: disrupting and modernising the market. Why? To give customers far greater choice with more competitive pricing in a user-friendly environment. So, Finalrentals was born.

When we started out it was almost impossible to find local car rental companies online. They had been crowded out by the vast marketing budgets of the traditional companies.

Five years on, we have welcomed hundreds of these companies under the Finalrentals umbrella. Now, customers have more choice than ever at their fingertips.

With Finalrentals, it has never been easier or safer to hire a car. With over 198 car rental locations companies in 34 countries, our network gives you access to world-class holiday locations and leading business destinations.

Every company adheres to our rigorous customer service standards, while there is clear pricing, free cancellation, and no hidden charges.

So, whether you want to explore Route 66 in the US, get around Dubai in style, or take a tour of Greece, Finalrentals puts simplicity and safety at the centre of your experience.

Founded in the UAE with headquarters in the UK, we have a truly global outlook at Finalrentals. Our Chief Executive and Founder, Ammar Akhtar, previously built platforms for several of the well-known traditional car rental companies, giving him first-hand experience of why the market needed disrupting.

“The industry was very old-school, with little knowledge of eCommerce, clunky user experiences, and a lot of complaints about hidden charges.

So, I knew a platform could be built that would open up a far greater choice of car rental companies for customers, while also giving much-needed exposure to smaller businesses and ensuring that local communities benefited directly.

“Now, we get called the Uber of car rentals because we are a tech disruptor in a market that is very old. By doing this, we’re proud to give customers across the globe a stress-free, straightforward, and fair rental experience.”

Choose a destination. Compare affordable prices. Get booked.

What Can We Hope to See From Finalrentals in the Future?

Finalrentals aims to be in 50 countries by the end of FYE March 2025 and across 150 countries in the next 4 years, this will mean a larger market share that will make Finalrentals the largest car rental ecosystem in the world.

Looking at the current growth trajectory this vision looks more than possible for Finalrentals.

About Finalrentals

Finalrentals is taking car rentals into the future. By leveraging innovative proprietary technology, Finalrentals connects thousands of customers with hundreds of local car rental businesses worldwide, enabling them to seamlessly search for and hire cars through its platform.

Founded by Ammar Akhtar in 2019, Finalrentals is a UK-based fintech company with headquarters in the UK.

Its platform gives customers greater choice than traditional vehicle hire companies and provides independent car rental businesses with more online visibility, ensuring that local communities benefit directly from every booking.

Choose a destination. Compare affordable prices. Get booked.

Visit www.finalrentals.com for more information.