Automotive fintech startup secures £26m investment in Series A extension round

London based car repairs payment platform Bumper has raised £26.1m in investment from its Series A extension round via automotive “giants” and venture capitals Autotech Ventures, InMotion Ventures (the investment arm of Jaguar Land Rover), ITOCHU and Revo Capital.

As part of the Series A extension round, a new debt facility was agreed with Secure Trust Bank Commercial Finance worth £20m, with the additional investment coming in the form of equity through Autotech Ventures, InMotion Ventures, ITOCHU and Revo Capital.

The extension round ends just over one year after Bumper’s Series A round raised £10.5m in June 2021, bringing the total investment to £36.6m.

Bumper is a digital payment platform for vehicle repairs and services, enabling owners to pay online, in-store or spread their costs over monthly instalments interest-free. It also delivers an instalment financing solution using proprietary AI enabled technology to facilitate real-time lending decisions.

Bumper enables over 4,000 partnered dealerships and garages across the UK, Republic of Ireland, Spain and Germany to sell a larger proportion of identified repair work, reducing workshop downtime, with no risks or liabilities, while also boosting customer loyalty.

Having been named the eighth fastest growing fintech in the 2021 FT1000 rankings of Europe’s fastest growing companies, the new funds will be used to continue the Bumper’s expansion across key European markets, including but not limited to Germany, Spain and the Netherlands.

James Jackson, CEO of Bumper, commented: “Bumper’s rapid growth trajectory has been incredibly exciting, and the new round of investment from our amazing partners means that we can continue this growth trajectory and pursue our lofty goals to expand further across Europe.

“As the cost-of-living crisis tightens, it’s never been more important to offer affordable and convenient payment options giving drivers peace of mind when getting their vehicles repaired.”

Cenk Bayrakdar, managing director and founding partner at Revo Capital, added: “Bumper’s impressive growth and history achieving success through its comprehensive fintech solution for car repairs has well-positioned Bumper to accelerate its international growth.

“James and his team continue to prove Bumper’s strength and effectiveness in this space, and we are excited to join them on the next leg of their journey and support Bumper’s R&D initiatives in Türkiye.”

By Matthew Neville – Correspondent, Bdaily

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