Uk fintech Bumper has raised $48 million in Series B funding for its buy now, pay later solution for car repairs. The option ensures car owners can keep their car on the road and cover the cost of repairs or servicing by splitting repair bills into interest-free payments.
The funding round was led by Autotech Ventures with investment from Shell Ventures as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. It takes Bumper’s total investment to date to $64 million with the company looking to expand its reach as a payment platform for car dealers, most notably in the UK, Spain, Germany, the Netherlands, and Ireland.
Bumper is currently available through 5,000 dealers and headquartered in Sheffield with offices in London and Ankara. It includes open banking payments, card payments and in-dealership card terminals among its suite of options, all of which can be integrated fully into dealers’ existing infrastructure.
The funding round also 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, the company said.
James Jackson, co-founder and Chief Executive Officer of Bumper, said: “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.”
He added: “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.”
