WRITTEN BY:
FinTech Wales
Since its launch in 2021, FinTech Wales' Foundry has become a launchpad for innovative start-ups, enabling companies to secure investment, gain traction, and make a lasting impact in the fintech industry.The no-equity accelerator provides tailored mentorship and hands-on support, and FinTech Wales continues to support alumni companies on their growth journeys long after the programme ends.
We caught up with three Foundry alumni to hear about their progress and reflections on their journeys since participating in the Foundry.
Finalrentals – Founded by Ammar Akhtar.
Finalrentals, founded by Ammar Akhtar in 2019, has rapidly grown into a global leader in the car rental marketplace industry. Initially established in Dubai, the company strategically relocated its headquarters to Cardiff, to leverage the thriving Welsh tech ecosystem.
Now present in over 30 countries, including the USA, Greece, and Turkey, Finalrentals has adapted to local markets and formed crucial partnerships with small car rental businesses, Welsh base, citing the regi on's access to talented graduates and its reputation for nurturing tech innovation. As part of the Welsh Government’s Export Cluster programme, Finalrentals has further expanded its global footprint through trade shows and market visits, securing deals in key regions like the Bahamas and the Balkans and aims to operate in 100 countries by the end of 2025.
“We have worked tirelessly to build the software and get our product known in the market but taking part in the FinTech Wales programme was the catalyst for growth. It gave us a great opportunity to network with the investor community in Wales and benefit from mentorship which has ultimately led to us being able to secure this major investment that will enable us to now scale the business.” – Ammar Akhtar, Founder & CEO, Finalrentals
Wagonex, Founded by Toby Kernon.
Since its founding in 2016, Wagonex has experienced substantial growth as the UK’s first vehicle subscription service. The company has achieved over 120% growth in recent periods, driven by the rising popularity of car subscription services. This growth is attributed to increasing consumer demand for flexible, subscription-based car ownership and Wagonex’s innovative technology platform, which enables seamless customer experiences and supports automotive retailers in unlocking new revenue streams.
With the global car subscription market projected to reach $30 billion by 2030, Wagonex is well-positioned for continued expansion, both within the UK and internationally. Its recent launch of a B2B platform, Wagonex Storefront, will enable more companies to adopt the subscription model at a lower cost and with significantly reduced setup time.
“Choosing Wales as our base has been pivotal to Wagonex’s journey, thanks to the thriving fintech scene and the invaluable support from the ecosystem. Our team in Wales has more than doubled since we established our base here, playing a key role in our global market growth.” – Toby Kernon, Founder & CEO, Wagonex
Credit Canary – Founded by Jim Fell.
Credit Canary, founded in 2022, has quickly established itself as a vital player in the fintech space by offering a smart decisioning platform that helps credit unions and other consumer lenders assess borrower creditworthiness throughout the loan term. By leveraging diverse data sources, Credit Canary helps institutions gain a better understanding of each customer’s financial situation, allowing for more responsible lending decisions.
Credit Canary’s technology empowers credit unions to support more borrowers, particularly in comparison to traditional lenders who often focus on declining applications. This approach aligns with credit unions' mission of helping their members succeed financially. Credit Canary’s recent partnership with Incuto, a fintech platform supporting credit unions, represents a key step toward helping Welsh credit unions expand their visibility.
“The Welsh ecosystem has been a real key driver for our success to date, the work FinTech Wales does is phenomenal and we are proud to be a Foundry member. We remain closely connected with that community today. We’ve received investment from Wales; as a result we have hired in Wales and we have a presence in Wales. Working within the community I can see the opportunities for firms like Credit Canary and of course other tech firms that are looking to grow faster and looking to maximise the opportunities within the region.” Jim Fell, CEO & Co-Founder, Credit Canary.
Companies like Wagonex, Finalrentals, and Credit Canary exemplify the diversity and ambition within the Welsh fintech ecosystem. They are joined by other pioneering Foundry members, such as Sero, Yimba, Voltric, Yacooba, Ship Shape and Drively, all of whom have achieved remarkable growth and industry recognition.
For a full list of FinTech Wales Foundry members, visit: https://fintechwales.org/the-foundry/
