UK fintech Bumper raises $48m in Series B funding round
Bumper, a fintech enabling flexible payments for car repairs across Europe and the UK, has secured $48 million in Series B funding to fuel its growth.
Bumper raises $48m Series B funding
The round was led by Autotech Ventures with participation from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. It takes Bumper’s total funding to date to $64 million.
Founded in 2013, Bumper is headquartered in Sheffield, UK, with offices in London and Ankara, Turkey. It allows car owners to split repair bills into interest-free payments, enabling them to get back on the road quicker.
Its physical and digital payment options, including open banking payments, card payments and in-dealership card terminals, integrate fully into dealers’ existing infrastructure.
It currently counts major car companies including Volvo, Ford, Nissan, VW, JLR and Porsche among its clients.
Bumper claims its gross merchandise value (GMV) has grown 100% YoY in recent years and that its customer numbers have seen an 80% increase in the last 12 months.
The fintech plans to use the new funding to expand across Europe, particularly in the UK, Spain, Germany, the Netherlands and Ireland. Its offering is currently available through 5,000 dealers who have provided payments for more than 250,000 repairs in the past year.
“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,” comments James Jackson, co-founder and CEO of Bumper.
“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.”
