LONDON--(BUSINESS WIRE)--Bumper, the fintech enabling flexible payments for car repairs, has announced the completion of a $48 million / €46 million / £40 million 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. It ensures car owners can cover the cost of repairs or servicing in an easier, more efficient and flexible way, while enabling dealerships and garages to provide digital payment methods to their customers, help them win business and drive profitability.
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. The raise takes Bumper’s total investment to date to $64 million /€61 million /£53 million.
The new funding 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. Bumper 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.
Bumper – which is headquartered in Sheffield and has offices in London and Ankara – 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.
Its full suite of digital and physical payment options, including open banking payments, card payments and in-dealership card terminals are designed to integrate fully into dealers’ existing infrastructure. Combined with extremely positive customer reviews (with over 23,000 reviews rated 4.9/5 on Trustpilot and 96% rating it as ‘excellent’ or ‘good’), Bumper has already built a track record as a trusted partner which can enhance the dealer-customer relationship.
The funding round comes on the back of record growth, with Gross Merchandise Value (GMV) growing 100% YoY in recent years, and customer numbers up 80% in the last 12-months.
James Jackson, co-founder and Chief Executive Officer of Bumper, 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 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.”
Mike Smeed of InMotion Ventures said: “Flexibility is synonymous with the modern luxury experience and this extends to offering JLR clients the convenience of spreading the costs of repairs. I'd like to congratulate Bumper for raising a further round of investment. In a highly competitive sector the Bumper team stand head and shoulders above the rest, which is why we're proud to continue our support as they scale their operations across Europe.”
ENDS
Notes to editors
The $48 million / €46 million / £40 million Bumper has raised in this round comprises $18m / €17.25m / £15m equity and $30m / €28.75m / £25m debt.
About Bumper (www.bumper.co)
Featured among the fastest growing FinTech companies in the FT1000 rankings of Europe for the past three years in a row, Bumper works with over 5,000 dealerships and garages across the UK, Spain, Germany, Netherlands, and Republic of Ireland, helping over 500,000 drivers to pay their servicing and repair bills.
Bumper is based in London and Sheffield, with a tech development centre in Ankara, Turkey. For more information, visit https://www.bumper.co/ and follow us @BumperPay
