Bumper, a trailblazer in FinTech for auto payments, recently sealed a monumental $48 million Series B funding round. This surge in funding propels Bumper’s total investment to a striking $64 million, signifying a major leap in its expansion journey.
Transforming Auto Repair Payments
Central to Bumper’s vision is a groundbreaking approach to handling car repair payments. The company’s innovative solution lets car owners split repair bills into interest-free installments. This not only eases the financial load for car owners but also arms dealerships and garages with cutting-edge digital payment options, boosting their business growth and profitability.
Strategic Growth and Tech Advancements
Armed with fresh capital, Bumper targets significant technological growth and aims to broaden its reach across Europe. Focusing on major markets like the UK, Spain, Germany, the Netherlands, and Ireland, Bumper is on track to consolidate its position as the top payment platform in the automotive sector. Already partnering with over 5,000 dealers and handling payments for 250,000 repairs last year, Bumper is set to double these numbers year on year.
Robust Foundations, Promising Future
Headquartered in Sheffield, with offices in London and Ankara, Bumper’s client list features automotive giants such as Volvo, Ford, Nissan, and the VW Group. Demonstrating a stellar performance, Bumper achieved a 100% growth in Gross Merchandise Value and saw an 80% rise in customer numbers in the past year.
Endorsements and Executive Perspectives
Leading this funding round were Autotech Ventures, alongside contributions from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. James Jackson, CEO and co-founder, expressed eagerness about the investment, particularly from sector leaders like InMotion Ventures and Porsche. He emphasized Bumper’s goal to dominate the European car dealer payment market.
Bumper’s latest funding milestone underscores the growing importance of flexible financial solutions in the automotive sector. With its innovative approach and strategic expansion plans, Bumper is set to redefine the European car market dynamics.
EV WORLD | 2023 Israel EV Market Dominated by BYD, Geely with Record Sales Surge
