Bumper closes USD 48 million funding round

The funding round was led by Autotech Ventures and includes investment from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. This brings Bumper’s total investment to USD 64 million. Simultaneously, the funding comes on the back of Gross Merchandise Value (GMV) growing 100% YoY in recent years, and customer numbers up 80% in the last 12 months. As per an official press release, the company counts major automotive brands in the world as clients, including Volvo, Ford, Nissan, VW Group, and many more, in addition to both JLR and Porsche.

An investment to expand Bumper’s reach and technology

Bumper enables drivers to split repair bills into interest-free payments and helps car owners cover the cost in an easier, more efficient, and flexible way. Moreover, it helps dealerships and garages to provide digital payment methods to their customers, and drive profitability. 

The company 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 official press release states that 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. The company wants to continue to double that number each year.

Bumper’s suite of digital and physical payment options, including Open Banking payments, card payments, and in-dealership card terminals, are designed to integrate fully into dealers’ existing infrastructure. Combined with extremely positive customer reviews, Bumper has already built a track record as a trusted partner which can enhance the dealer-customer relationship.

According to an official statement, this investment came as part of a strategy to provide a no-brainer solution, one that gives their customers flexibility in making the necessary payments to keep their cars on the road. Moreover, the need for a flexible way to pay for car repairs is very important for drivers, and dealers want to ensure they can provide customers with every reason to book them. The company also aims to expand its reach to more people across Europe in the coming years.