Welsh fintech becomes first global car rental franchise network to offer deposit-free rentals

Made possible thanks to partnership with inancial technology company Cardoo

A Cardiff fintech company has become the first global car rental franchise network to make deposit-free rentals available across more than 65 countries.

The move will see Final Rentals give every franchise partner the option to remove traditional security deposits, allowing customers to hire a vehicle without having hundreds or even thousands of pounds tied up on their credit card.

Often thought of as the biggest source of frustration in the car rental industry, deposits typically range from €500 to €2,500 but this firm hopes to make it a thing of the past with the first-to-market service available to every franchisee across a global car rental franchise network - partners can activate the service instantly through the Final Rentals platform.

The service has been introduced through a partnership with financial technology company Cardoo, which replaces the traditional security deposit with a financial guarantee. 

Customers can choose to pay a small daily fee instead of an upfront deposit, while rental operators remain protected against vehicle damage, traffic fines, administrative charges, fuel shortages and other eligible charges.

The announcement comes as Final Rentals continues its international expansion to operate in more than 65 countries since it started out in 2019.

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."

The agreement was secured by Final Rentals' head of sales, Ricky Gamble, who led negotiations with Cardoo. 

He 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."

Alisher Murtazaev, founder and CEO, 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."

The deposit-free service is available now to all Final Rentals franchise partners and can be activated instantly through the company's digital dashboard, either as an optional upgrade during booking or across an operator's entire fleet.