Founded in 2013, Bumper gives garages and dealerships the option to spread the cost of car repairs for customers into interest-free payments.
In brief:
- Bumper, a fintech providing buy now pay later payment options for car repairs, has raised £40mn in a funding round featuring backing from Porsche and Jaguar Land Rover.
- The Sheffield-headquartered company’s clients include Volvo, Ford, Nissan, Skoda, Audi and VW, as well as investors Porsche and JLR.
- The round was comprised of £15m of equity investment and £25m of debt financing. The company said the new funds would go towards expanding its tech and reach across Europe.
What does this mean?
“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,” said Bumper co-founder and CEO James Jackson. “The need for a flexible way to pay for car repairs is vitally important for drivers, and dealers want to ensure they can provide customers every reason to book them in there and then.”
