Bumper, a FinTech enabling flexible payments for car repairs, has secured £40 million in Series B fundraise to accelerate its growth.
Bumper helps drivers split repair bills into interest-free payments so they can keep their car on the road, while enabling dealerships and garages to provide digital payment methods to their customers.
Bumper – which is headquartered in Sheffield and has offices in London and Ankara, Turkey – counts most of the major automotive brands in the world as clients, including Volvo, Ford, Nissan, VW Group, and many more, in addition to both JLR and Porsche.
It is currently available through 5,000 dealers, which have provided flexible payments for more than 250,000 repairs in the last 12 months alone. The business wants to continue to double that number each year.
The funding round was led by Autotech Ventures and with investment from Shell Ventures as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. It takes Bumper’s total investment to date to £53m.
It says it will be used to expand Bumper’s reach and technology as it seeks to become the dominant payment platform for car dealers across Europe, most notably the UK, Spain, Germany, the Netherlands and Ireland.
“We want to be the dominant payment platform for car dealers across Europe,” said CEO James Jackson, pictured right, who founded the company with CCO Jack Allman in 2013.
“We’ll do it by providing a no-brainer solution, one that gives their customers the ultimate flexibility in making the necessary payments to keep their cars on the road. We are proud of the growth journey we have been on over the last 9 years and the endorsement of investment from InMotion Ventures and Porsche is a hugely positive moment for the business.
“While we’re proud of our record, I firmly believe we’re just getting into second gear. There has never been a more important time for a business like Bumper, with consumers across Europe feeling the pinch amidst high inflation, rising bills and escalating rent or mortgage costs.
“The need for a flexible way to pay for car repairs is vitally important for drivers, and dealers want to ensure they can provide customers every reason to book them in there and then.
“Bumper provides a win for dealerships and customers alike, and we look forward to expanding our reach to more and more people across Europe in the coming years.”
Alexei Andreev, managing director of Autotech Ventures, said: “Bumper is one of the most innovative and exciting businesses in the global automotive space, enabling dealers to ensure their customers can afford repairs immediately, delivering both efficiency and profitability.
“Bumper solves a genuine customer need, supporting car owners in times of stress so that they can get back on the road as quickly and efficiently as possible. James, Jack and the team have built a winning business model and we continue to invest to support their ambitious growth plans.”