Automotive fintech cost supplier Bumper has accomplished a £40 million Sequence B fundraise to speed up progress. 

Sheffield-headquartered Bumper helps drivers break up restore payments into interest-free funds to allow them to hold their automotive on the highway. It ensures automotive house owners can cowl the price of repairs or servicing in a neater, extra environment friendly and versatile means, whereas enabling dealerships and garages to supply digital cost strategies. 

The funding spherical was led by Autotech Ventures with funding from Shell Ventures in addition to JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. The elevate takes Bumper’s whole funding to this point to £53 million. 

The funding spherical comes on the again of document progress, with Gross Merchandise Worth (GMV) rising 100% YoY in recent times, and buyer numbers up 80% within the final 12-months. 

The brand new funding might be used to develop Bumper’s attain and expertise because it seeks to turn out to be the dominant cost platform for automotive sellers throughout Europe, most notably the UK, Spain, Germany, the Netherlands, and Eire.

Bumper is at the moment obtainable by way of 5,000 sellers who’ve offered versatile funds for greater than 250,000 repairs within the final 12-months alone. The enterprise stated it desires to proceed to double that quantity annually. 

Bumper – which has places of work in London and Ankara – counts many of the main automotive manufacturers on this planet as shoppers, together with Volvo, Ford, Nissan, VW Group, and plenty of extra, along with each JLR and Porsche.  

James Jackson, co-founder and chief govt of Bumper, stated: “We need to be the dominant cost platform for automotive sellers throughout Europe. We’ll do it by offering a no brainer resolution, one that provides their clients the last word flexibility in making the mandatory funds to maintain their automobiles on the highway. We’re pleased with the expansion journey we’ve got been on over the past 9 years and the endorsement of funding from InMotion Ventures and Porsche is a vastly optimistic second for the enterprise. 

“Whereas we’re pleased with our document, I firmly consider we’re simply entering into second gear. There has by no means been a extra essential time for a enterprise like Bumper, with customers throughout Europe feeling the pinch amidst excessive inflation, rising payments and escalating hire or mortgage prices. The necessity for a versatile method to pay for automotive repairs is vitally essential for drivers, and sellers need to guarantee they will present clients each purpose to ebook them in there after which. Bumper gives a win for dealerships and clients alike, and we look ahead to increasing our attain to increasingly more individuals throughout Europe within the coming years.” 

  Mike Smeed of InMotion Ventures stated: “Flexibility is synonymous with the trendy luxurious expertise and this extends to providing JLR shoppers the comfort of spreading the prices of repairs. I might prefer to congratulate Bumper for elevating an extra spherical of funding. In a extremely aggressive sector the Bumper workforce stand head and shoulders above the remaining, which is why we’re proud to proceed our assist as they scale their operations throughout Europe.”