Bumper, a leading FinTech firm specialising in automotive payments, has successfully closed a significant $48 million Series B funding round.
The company, renowned for its innovative approach to car repair payments, has made strides in simplifying how drivers manage repair bills.
This substantial investment was led by Autotech Ventures, with notable contributions from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. This new injection of funds raises Bumper’s total investment to an impressive $64 million, marking a significant milestone in its growth journey.
At its core, Bumper is revolutionising the automotive repair industry. It offers a unique solution allowing car owners to split their repair bills into interest-free payments. This model not only eases financial pressure on car owners but also empowers dealerships and garages with digital payment methods, aiding them in business acquisition and profitability.
The new capital will be strategically used to expand Bumper’s technological capabilities and geographic reach. Targeting major European markets like the UK, Spain, Germany, the Netherlands, and Ireland, Bumper aims to solidify its position as the go-to payment platform for car dealers. Already partnered with over 5,000 dealers and facilitating payments for more than 250,000 repairs in the last year, the company is on a clear path to doubling these figures annually.
Bumper, headquartered in Sheffield with additional offices in London and Ankara, boasts a client roster that includes major automotive giants such as Volvo, Ford, Nissan, and the VW Group. Its comprehensive range of payment options, highly positive customer feedback, and integration into dealers’ existing systems underscore its commitment to enhancing the dealer-customer relationship.
The company’s recent performance is remarkable, with a 100% year-on-year growth in Gross Merchandise Value and an 80% increase in customer numbers over the past 12 months.
James Jackson, CEO and co-founder of Bumper, commented, “We aim to be the dominant payment platform for car dealers across Europe. Our solution offers unparalleled flexibility for necessary payments, which is crucial in today’s economic climate. We’re thrilled with the investment from InMotion Ventures and Porsche, marking a significant moment in our growth.”
Alexei Andreev, Managing Director of Autotech Ventures, praised Bumper as “one of the most innovative businesses in the global automotive space,” highlighting the company’s effective response to customer needs and efficiency.
Mike Smeed of InMotion Ventures echoed this sentiment, lauding Bumper’s standout performance in the competitive sector and reiterating their continued support as Bumper scales its operations across Europe.
Bumper’s total investment, including this round, now stands at $64 million, reflecting the confidence investors have in its business model and growth potential.
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