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Drive now, pay later fintech Bumper revs up with £40 million Series B

Drive now, pay later fintech Bumper revs up with £40 million Series B

Bumper, a UK fintech enabling flexible payments for car repairs, has completed a £40 million Series B fundraise.

Bumper helps drivers split repair bills into interest-free payments so they can keep their car on the road. It ensures car owners can cover the cost of repairs or servicing in a more flexible way, while enabling dealerships and garages to provide digital payment methods to their customers.

Bumper's full suite of digital and physical payment options, including open banking payments, card payments and in-dealership card terminals that are designed to integrate fully into dealers’ existing infrastructure.

The funding round was led by Autotech Ventures and with investment from Shell Ventures as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. The raise takes Bumper’s total investment to date to £53 million.

The new funding will be used to expand Bumper’s reach and technology as it seeks to become the dominant payment platform for car dealers across Europe, most notably the UK, Spain, Germany, the Netherlands, and Ireland. Bumper is currently available through 5,000 dealers, which have provided flexible payments for more than 250,000 repairs in the last 12-months alone. The business wants to continue to double that number each year.

The funding round comes on the back of record growth, with Gross Merchandise Value (GMV) growing 100% YoY in recent years, and customer numbers up 80% in the last 12-months.

James Jackson, co-founder and CEO of Bumper, says: “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 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.”

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