Bumper, a UK-based BNPL payment platform for auto repairs, has raised £26.1 million from its Series A extension round of funding, which is notable for having the support of Jaguar Land Rover’s investment arm, InMotion Ventures.
Leading Silicon Valley venture capital firms Autotech Ventures, ITOCHU, and Revo Capital also contributed to the startup’s funding.
Just over a year has passed since the automotive fintech startup’s Series A round, which saw an investment of £10.5 million in June 2021 and brought the total to £36.6 million, concluded.
The fresh funding will be used to continue Bumper’s European expansion. The London-based company, which was founded in 2013 by Jack Allman and James Jackson, now collaborates with over 4,000 dealerships and garages around the UK, Spain, Germany, and Ireland.
It is a digital payment platform that has made it possible for more than 330,000 vehicle owners to pay for repairs and services either online, in-person, or with interest-free monthly installments. Additionally, it provides an installment financing option using patented AI-enabled technologies to speed up lending choices.
The startup has offices in London and Sheffield as well as Ankara, Turkey, where it also operates a tech development center.
Bumper’s CEO, James Jackson, said, “The rapid development trajectory of Bumper has been tremendously exciting, and the current round of financing from our incredible partners means that we can continue this growth trajectory and achieve our high aspirations to expand further across Europe.”
James added, “It has never been more crucial to provide drivers with cheap and practical payment choices that provide them peace of mind when having their vehicles fixed as the cost of living issue worsens.”
Bumper is well-positioned to expand its international growth as a result of its impressive growth and track record of success with its entire fintech solution for auto repairs. We are eager to accompany James and his team on the next leg of their journey and support Bumper’s R&D initiatives in Türkiye, said Cenk Bayrakdar, MD and Founding Partner at Revo Capital. James and his team continue to demonstrate Bumper’s strength and effectiveness in this market.
“We first started working with Bumper’s management team nearly three years ago and since then the business has shifted up a gear, developing its technical capability and growing its network of dealerships, thereby demonstrating the strength of its business model,” said John Gribbon, Regional Managing Director of Yorkshire and the North East at Secure Trust Bank.
John continued, “We have been able to work quickly and flexibly while keeping up with Bumper’s expanding working capital requirements thanks to our close working relationship with the team and growing understanding of the business. The business is well-positioned for future success thanks to this most recent round of funding.”
“Our team continues to be impressed by Bumper’s phenomenal expansion in the UK, and more recently in Ireland, Spain, and Germany,” stated Mike Smeed, Managing Director at InMotion Ventures. We are excited to share that we have made a second investment in the company and look forward to helping the team grow throughout Europe.
“We are impressed by the clever finance tools and cutting-edge software used by Bumper, and how this technology is becoming indispensable in today’s economy,” said Alexei Andreev, Managing Director at Autotech Ventures. Autotech is still helping the team along the way to developing a BNPL product that is the best in the market.
Image Credit: Bumper