Bumper, a fintech specialising in facilitating flexible payments for car repairs, has successfully concluded a Series B funding round, securing $48m.
This substantial investment is earmarked to accelerate Bumper’s expansion initiatives.
Bumper’s core offering centres on empowering drivers to divide repair bills into interest-free payments, ensuring uninterrupted use of their vehicles. The platform simplifies and enhances the payment process for car owners, providing a more efficient and flexible approach to covering repair or servicing costs.
Simultaneously, it enables dealerships and garages to offer digital payment solutions, enhancing customer engagement and boosting profitability.
Leading the Series B funding round are Autotech Ventures, with significant contributions from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. This latest infusion of funds brings Bumper’s total investment to an impressive $64m.
Autotech Ventures managing director Alexei Andreev 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.”
The fresh capital injection will be utilised to bolster Bumper’s geographical footprint and technological capabilities, with a strategic aim to establish itself as the predominant payment platform for car dealerships across Europe.
Key target markets include the UK, Spain, Germany, the Netherlands, and Ireland. Presently, Bumper is accessible through a network of 5,000 dealerships, where it has facilitated flexible payments for over 250,000 repairs in the past year alone. The company aspires to double this figure annually.
Headquartered in Sheffield, Bumper also maintains offices in London and Ankara. The fintech firm boasts an impressive client roster, including major automotive brands such as Volvo, Ford, Nissan, VW Group, and key partnerships with JLR and Porsche.
Bumper’s comprehensive suite of payment options, encompassing open banking payments, card payments, and in-dealership card terminals, seamlessly integrates with dealers’ existing infrastructure.
The platform’s positive customer reviews, with over 23,000 ratings averaging 4.9/5 on Trustpilot and 96% rating it as ‘excellent’ or ‘good’, solidify its reputation as a trusted partner enhancing the dealer-customer relationship.
This funding round comes on the heels of Bumper’s remarkable growth, with Gross Merchandise Value (GMV) witnessing a 100% year-over-year surge in recent years. Additionally, customer numbers have experienced an impressive 80% increase in the last 12 months.
Bumper co-founder and CEO James Jackson said: “We want to be the dominant payment platform for car dealers across Europe. 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 nine years and the endorsement of investment from InMotion Ventures and Porsche is a hugely positive moment for the business.”
