Sheffield-based FinTech company, Bumper, has raised £40 million in Series B fundraise to support its growth. Bumper offers a flexible payment system for car repair bills that enables customers to pay interest-free instalments. The technology also allows dealerships and garages to provide digital payment options for their clientele.
The company’s clients include many of the world’s leading automotive brands, such as Volvo, Ford, Nissan, VW Group, JLR, and Porsche. Presently available through 5,000 dealers, Bumper has processed more than a quarter of a million car repair bills over the last 12 months alone. It plans to increase this number annually.
The funding for the Series B round was provided by Shell Ventures, Autotech Ventures, Revo Capital, Porsche Ventures, and JLR’s InMotion Ventures. This investment brings Bumper’s total funding to date to £53 million. The resulting capital will be utilised to grow the company’s reach and technology, with ambitions to become the number one payment platform for car dealerships in the UK, Spain, Germany, the Netherlands and Ireland.
Bumper CEO, James Jackson said, “We want 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. The endorsement of investment from InMotion Ventures and Porsche is a hugely positive moment for the business.”
Managing Director of Autotech Ventures, Alexei Andreev, said that Bumper is one of the most innovative and exciting businesses in the global automotive space, supporting car owners in times of stress to get back to driving on the road as efficiently as possible. Andreev added, “James, Jack and the team have built a winning business model and we continue to invest to support their ambitious growth plans.”