Bumper raises $48m to expand payments offering in Europe
By Gloria Methri
Bumper, the FinTech company that enables flexible payments for car repairs, has closed a $48 million Series B financing, to accelerate its growth.
Bumper helps drivers split repair bills into interest-free installments. It ensures that car owners can cover the costs of repairs or maintenance more easily and flexibly. At the same time, it allows dealers and repair shops to offer their customers digital payment methods that help them do business and increase profitability.
The funding round was led by Autotech Ventures, with investments from Shell Ventures, as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. This increase brings Bumper’s total investment volume to date to $64m.
The new round of funding will be used to expand Bumper’s reach and technology to become the dominant payments platform for car dealers across Europe, primarily in the UK, Spain, Germany, the Netherlands, and Ireland. Bumper is currently available at 5,000 dealers who have provided flexible payments on more than 250,000 repairs in the last 12 months alone. The company aims to continue doubling that number every year.
Bumper – headquartered in Sheffield with offices in London and Ankara – counts most of the world’s major automotive brands among its customers, including Volvo, Ford, Nissan, VW Group and many others, as well as JLR and Porsche.
The full range of digital and physical payment options, including open banking, card payments and merchant-internal card terminals, are designed to be fully integrated into merchants’ existing infrastructure.
James Jackson, co-founder, and chief executive officer of Bumper said, “We want to become the dominant payments platform for car dealers across Europe. We offer a simple solution that gives their customers the ultimate flexibility in the payments necessary to keep their cars on the road. We are proud of the growth trajectory we have embarked on over the last 9 years and the confirmation of the investment from InMotion Ventures and Porsche is an extremely positive moment for our company.” He added, “Bumper is a win-win for retailers and customers alike, and we look forward to expanding our reach to more and more people across Europe in the coming years.”
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