Car Repairs Fintech Bumper Completes US$48m Funding Round
Bumper, the fintech enabling flexible payments for car repairs, has generated US$48m in Series B funding.
The round was led by Autotech Ventures and saw additional investment from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures and Revo Capital.
Bumper aims to use its new round of funding to become the dominant payments platform for car dealers across Europe, with a particular focus on growth in the UK, Ireland, Germany, Spain and the Netherlands.
Its funding comes after growing 100% year-on-year in gross merchandise value for the last few years.
Bumper: The BNPL option for car repairs
A fintech for the automobile industry, Bumper is among the first on the market to offer a Buy Now Pay Later (BNPL) payments option for car repairs, enabling customers to split repair bills into interest-free installments.
The fintech has processed over 500,000 car repairs across Europe in the last few years, as it looks to become the “dominant payment platform for car dealers in Europe”, according to CEO and Co-founder James Jackson.
He adds: “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.”
Bumper clientele already includes some of the world’s major car companies, with Volvo, Ford, Nissan, Volkswagen, Audi, Seat, Porsche and JLR all included.
The company’s BNPL services are currently available at over 5,000 dealers, where over 250,000 repairs have been paid for with Bumper’s flexible payments offering.
Bumper hopes to double that number each year as it continues its growth in European markets.
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