Bumper $48m funding round for auto repair pay later provider Bumper
CEO James Jackson says the lender plans to double its volume of repairs this year
Auto repair pay later provider Bumper has secured $48m Series B to further expand its reach across Europe and develop its technology.
This raise, which comes two years after the lender’s $12m Series A, was also led by Autotech Ventures, with participation from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures and Revo Capital.
Bumper says it is now available via 5,000 dealers, including car companies Volvo, Ford, Nissan, VW, Seat, Skoda, Audi, JLR and Porsche, where customers can choose to split their repair costs over one to six months interest-free.
The company says it has helped fund more than 250,000 repairs in the last 12 months alone — a figure Bumper says it aims to double in 2024 — and a cumulative total of over 500,000 repairs.
Total customer numbers for Bumper have risen by 80 per cent during the last year, with the gross value of repairs it funds growing by 100 per cent year on year.
“We want to be the dominant payment platform for car dealers across Europe,” James Jackson, CEO and co-founder of Bumper said.
“While we’re proud of our record, I firmly believe we’re just getting into second gear. There has never been a more important time for a business like Bumper, with consumers across Europe feeling the pinch amidst high inflation, rising bills and escalating rent or mortgage costs.”
Today Bumper operates in the UK, Spain, Germany, the Netherlands, and Ireland, but Jackson hinted that further international expansion is already in the works.
“Bumper provides a win for dealerships and customers alike, and we look forward to expanding our reach to more and more people across Europe in the coming years.”