In the ever-evolving world of fintech, Bumper is steering the way with a recent announcement of a €46 million Series B funding round. This injection of funds is set to turbocharge Bumper’s mission of providing flexible payment solutions for car repairs, making life easier for both drivers and dealerships alike.
Empowering Drivers and Dealerships
Bumper has become a key player in enabling drivers to split repair bills into interest-free payments. This not only ensures car owners can cover the cost of repairs or servicing more efficiently but also empowers dealerships and garages to offer digital payment methods, securing customer satisfaction and driving profitability.
Impressive Track Record
Currently serving over 5,000 dealers, including global heavyweights like Volvo, Ford, Nissan, VW, Audi, JLR, and Porsche, Bumper has processed a staggering 500,000+ car repairs across Europe. To put it in perspective, that’s one repair every two minutes. In the last 12 months alone, Bumper facilitated flexible payments for over 250,000 repairs, showcasing its impact on simplifying the financial aspect of car maintenance.
Stellar Investor Support
The Series B funding round was led by Autotech Ventures, with significant investments from Shell Ventures, InMotion Ventures, Porsche Ventures, and Revo Capital. This backing propels Bumper’s total investment to an impressive €61 million, signaling confidence in the company’s vision and potential.
Bumper’s new funding is earmarked for expanding its reach and technology across Europe, focusing on key markets such as the UK, Spain, Germany, the Netherlands, and Ireland. This expansion comes at a time when Bumper has experienced record growth, with Gross Merchandise Value soaring 100 percent year-on-year and customer numbers surging by 80% in the last 12 months.
James Jackson, co-founder, and CEO of Bumper, expresses the company’s ambition: “We want to be the dominant payment platform for car dealers across Europe.” He emphasizes providing a solution that gives customers ultimate flexibility in making necessary payments to keep their cars on the road.
Alexei Andreev, Managing Director of Autotech Ventures, praises Bumper as one of the most innovative businesses in the global automotive space. He highlights how Bumper addresses a genuine customer need, supporting car owners in times of stress to get back on the road quickly and efficiently.
As Bumper secures a significant boost in funding, it not only solidifies its position as a leader in the automotive fintech space but also marks a positive moment for the business. The endorsement from key investors underscores the confidence in Bumper’s ability to revolutionize how we handle car repairs and payments.
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Frequently Asked Questions (FAQ)
Q1: How does Bumper benefit car owners?
Bumper enables car owners to split repair bills into interest-free payments, providing them with flexibility in covering the cost of repairs.
Q2: Which investors participated in Bumper’s Series B funding round?
The funding round was led by Autotech Ventures, with notable investments from Shell Ventures, InMotion Ventures, Porsche Ventures, and Revo Capital.
Q3: What are Bumper’s expansion plans with the new funding?
Bumper aims to expand its reach and technology across Europe, focusing on key markets such as the UK, Spain, Germany, the Netherlands, and Ireland.