Financial news

London-based Bumper, a fintech startup enabling flexible payments for car repairs, announced that it has completed the €46M Series B fundraising to accelerate its growth. 

The €46M Bumper raised in this round comprises €17.25M equity and €28.75M debt. With this round, the company has raised a total funding of €61M, to date.

Investors supporting Bumper

The investment was led by Autotech Ventures and also saw participation from Shell Ventures as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital.

Alexei Andreev, MD of Autotech Ventures says, “Bumper is one of the most innovative and exciting businesses in the global automotive space, enabling dealers to ensure their customers can afford repairs immediately, delivering both efficiency and profitability.”

“Bumper solves a genuine customer need, supporting car owners in times of stress so that they can get back on the road as quickly and efficiently as possible.”

“James, Jack and the team have built a winning business model and we continue to invest to support their ambitious growth plans,” adds Andreev.

Capital utilisation

Bumper will use the funds to expand its presence and technology. It aims to become the dominant payment platform for car dealers in Europe, most notably the UK, Spain, Germany, the Netherlands, and Ireland.

Currently, the company operates through 5,000 dealers, which have provided flexible payments for over 250,000 repairs in the last 12 months. It aims to double its impact by facilitating more repairs each year.

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, ensuring flexible payment for car repairs.

Headquartered in Sheffield with offices in London and Ankara (Turkey), Bumper serves major automotive brands like Volvo, Ford, Nissan, VW Group, JLR, and Porsche. 

The company provides digital and physical payment options, including open banking and card payments, integrating into dealers’ infrastructure.

Bumper claims to be experiencing record growth, with a 100 per cent year-on-year increase in Gross Merchandise Value (GMV) and an 80 per cent rise in customer numbers over the past 12 months.

Co-founder Jackson says, “We want to be the dominant payment platform for car dealers across Europe. 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.”

“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 with every reason to book them in there and then.”

“Bumper provides a win for dealerships and customers alike, and we look forward to expanding our reach to more and more people across Europe in the coming years,” adds Jackson.