Bumper, a fintech company specializing in providing services, related to automotive payments, reported the successful completion of a Series B financing round for $48 million.
The mentioned brand is known for its innovative approach to functionality ensuring the implementation of the process of making payment transactions for car repairs. The company has made some progress in simplifying such procedures. In this case, motorists are offered a mechanism for paying for vehicle repairs that does not provide for what can be described as inconvenient solutions.
The company received investment funds from Autotech Ventures with notable contributions from Shell Ventures, JLR InMotion Ventures, Porsche Ventures, and Revo Capital. The new financing increases the total amount of investments aimed at brand development to $64 million. This is a significant indicator that not every fintech firm can achieve.
The investment funds received by the company begin a new stage in its history. The brand gets new business development opportunities backed by a financial base.
Bumper transforms the sphere of car repair to a certain extent. The company does not affect the essence of activity in this area in any way but revolutionizes the financial aspect of this functional space. The brand offers car owners a special solution that allows them to split vehicle repair bills for interest-free payments. This payment model eases financial pressure. The brand’s offer also allows dealerships and independent car repair shops to implement digital transactions, which is a factor of positive impact on the state of the business and the dynamic of profitability.
The company intends to use the new capital to expand its technological capabilities and scale the geography of its activities. The firm currently focuses on markets in countries such as Ireland, the United Kingdom, the Netherlands, Spain and Germany.
The brand is committed to strengthening its status as a payment payment platform for car dealers. The company currently has partnerships with more than 5,000 dealers. Last year, the firm secured payment for more than 250,000 repairs. Currently, the company’s activities are under intensive development, which means constant and significant improvement in results.
Bumper is headquartered in Sheffield and has additional offices in London and Ankara. The company’s list of clients includes such major car manufacturers as Volvo, Ford, Nissan, and VW Group.
The company offers a wide range of payment methods. The brand receives positive feedback from customers. The company offers integration of its solutions into existing functional systems of car dealers. The firm is committed to strengthening customer relationships.
The company demonstrates growth indicators. Over the past 12 months, the number of brand customers has increased by 80%. The gross merchandise value of the company’s goods in 2023 increased by 100% year-on-year.
James Jackson, CEO and co-founder of Bumper stated that his brand aims to become the dominant payment platform for car dealers across Europe. According to him, the company’s solution provides unprecedented flexibility in making payment transactions, which is very important against the background of current economic realities.
Alexei Andreev, Managing Director of Autotech Ventures, says that Bumper is one of the most innovative businesses in the global automotive space. He noted that the company responds effectively and promptly to the needs of customers.
Mike Smeed of InMotion Ventures also praised Bumper’s payment solutions and expressed support for the firm’s commitment to scaling operations in Europe.
As we have reported earlier, Visa and TECH5 to Promote Digital ID-Based Payments.
