Bumper, an automobile payments Fintech, has raised $48 million in Series B funding, according to a note from the company. The funding round was led by Autotech Ventures with participation from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital.
To date, Bumper has raised $64 million (£53 million), including $30 million of debt as part of the Series B.
Bumper says the additional money will be used to expand to dealers across Europe mentioning, specifically Spain, Germany, Ireland, the Netherlands, and Ireland.
Bumper’s service is described as offering flexible payments on auto repairs, including interest-free payments. The mission is to help owners keep their cars running by providing a more flexible method of payment while offering dealers a digital payment vehicle to simplify the payment process. Bumper claims to be one of the fastest growing Fintechs in Europe, having grown GMV 100% YoY for the last few years and processed over 500,000 car repairs across Europe, or one every three minutes.
Currently, Bumper reports that it is in use at 5,000 dealers and has enabled 250,000 repairs in the past 12 months. The company predicts it will double that number each year.
Bumper CEO and co-founder James Jackson said their goal is 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 nine years, and the endorsement of investment from InMotion Ventures and Porsche is a hugely positive moment for the business.”
Jackson said that with consumers being constrained by inflation, a flexible payment service for car repairs makes a lot of sense.
“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.”
Alexei Andreev, Managing Director of Autotech Ventures, described Bumper as “one of the most innovative and exciting businesses in the global automotive space.”
Bumper is headquartered in Sheffield, UK, and has offices in London and Ankara, Turkey.
