Automotive fintech payment provider Bumper has completed a £40 million Series B fundraise to accelerate growth. 

Sheffield-headquartered Bumper helps drivers split repair bills into interest-free payments so they can keep their car on the road. It ensures car owners can cover the cost of repairs or servicing in an easier, more efficient and flexible way, while enabling dealerships and garages to offer digital payment methods. 

The funding round was led by Autotech Ventures with investment from Shell Ventures as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. The raise takes Bumper’s total investment to date to £53 million. 

The funding round comes on the back of record growth, with Gross Merchandise Value (GMV) growing 100% YoY in recent years, and customer numbers up 80% in the last 12-months. 

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.

Bumper is currently available through 5,000 dealers who have provided flexible payments for more than 250,000 repairs in the last 12-months alone. The business said it wants to continue to double that number each year. 

Bumper – which has offices in London and Ankara – counts most of the major automotive brands in the world as clients, including Volvo, Ford, Nissan, VW Group, and many more, in addition to both JLR and Porsche.  

James Jackson, co-founder and chief executive of Bumper, said: “We want to be the dominant payment platform for car dealers across Europe. We’ll do it by providing a no-brainer solution, one that gives their customers the ultimate flexibility in making the necessary payments to keep their cars on the road. We are proud of the growth journey we have been on over the last 9 years and the endorsement of investment from InMotion Ventures and Porsche is a hugely positive moment for the business. 

“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. 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. 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.” 

  Mike Smeed of InMotion Ventures said: “Flexibility is synonymous with the modern luxury experience and this extends to offering JLR clients the convenience of spreading the costs of repairs. I'd like to congratulate Bumper for raising a further round of investment. In a highly competitive sector the Bumper team stand head and shoulders above the rest, which is why we're proud to continue our support as they scale their operations across Europe.”