Bumper, a London-based fintech startup specializing in flexible payments for car repairs, has successfully completed a €46M Series B fundraising round. This investment, comprising €17.25M in equity and €28.75M in debt, brings the company’s total funding to €61M.
The funding round was led by Autotech Ventures and witnessed participation from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. Alexei Andreev, MD of Autotech Ventures, praised Bumper as one of the most innovative businesses in the global automotive space, highlighting its efficiency and profitability for dealers and customers.
Expanding Across Europe
Bumper aims to become the dominant payment platform for car dealers in Europe, focusing on key markets like the UK, Spain, Germany, the Netherlands, and Ireland. The company currently operates through 5,000 dealers and has facilitated flexible payments for over 250,000 repairs in the last year. With the new funding, the company plans to double its impact by facilitating more repairs annually.
Interest-Free Vehicle Repairs
Founded in 2013 by James Jackson and Jack Allman, Bumper offers a solution for drivers to split repair bills into interest-free payments. Headquartered in Sheffield with offices in London and Ankara, the company serves major automotive brands like Volvo, Ford, Nissan, VW Group, JLR, and Porsche, providing both digital and physical payment options.
Record Growth and Expansion Plans
The startup has experienced record growth, with a 100% year-on-year increase in Gross Merchandise Value (GMV) and an 80% rise in customer numbers over the past 12 months. Co-founder Jackson emphasizes Bumper’s goal to be the dominant payment platform for car dealers across Europe, providing a flexible solution for necessary payments to keep cars on the road.
A Win for Dealerships and Customers
The Series B funding round marks a significant step in expanding its reach across Europe. The company’s innovative payment platform offers a win-win for dealerships and customers, ensuring flexible payment options amidst rising living costs.