The transaction, estimated to be worth £5 million over five years, was secured by Finalrentals, a digital automobile rental network with its headquarters located in Cardiff.

This deal, which has the backing of the Welsh Government, represents a major advancement for the Welsh FinTech business.

In 10 strategic sites around Turkey, including important cities like Istanbul, Ankara, and Bursa, Finalrentals will be able to increase its presence thanks to the agreement, which was concluded at ITB Berlin, the largest travel trade event in the world. Finalrentals hopes to gain traction in the cutthroat Turkish automobile rental sector by utilizing its extensive network of more than 500 vehicles.

Finalrentals' success in exporting has been largely attributed to their investment in international trade fairs and focused market visits.

New contracts with partners in Turks and Caicos, Bahamas, and Montenegro have been signed as a consequence of recent trips to San Francisco, Singapore, Madrid, and Berlin; these contracts translate into an extra £200,000 in income annually.

With a view toward more international growth, Finalrentals hopes to add 100 clients by 2025, or a 200% annual increase. The firm credits the Welsh Government's persistent backing for its increased export success.

"Turkey is a notoriously difficult car rental market as it's one of the biggest and most competitive in Europe," stated Ammar Akhtar, founder and CEO of Finalrentals. Although it's difficult for an outsider to enter the sector, we were able to close the largest contract to date by meeting with potential partners at ITB Berlin.

"This year, by taking part in trade exhibitions and events throughout the globe where we may meet possible connections in these locations, we've been successful in opening up whole new markets. Being in the market provides your company an advantage since it allows you to interact with potential customers face-to-face and obtain information and knowledge. It is unlike anything other.

Since then, the demand for our services from outside has grown significantly, leading us to decide to change our approach and concentrate all of our efforts on these markets. We now get 100% of our revenue from exports, and we don't see a slowdown in demand anytime soon.