Bumper secures $12m in Series A funding to scale automotive repair financing across Europe
The financing round was backed by InMotion Ventures, Porsche Ventures, and Autotech Ventures.
≈ £9.1M at $1 = £0.7568 on 13 Dec 2021
Bumper provides an interest-free payment platform that allows motorists to spread the cost of vehicle repairs and maintenance.
Bumper has secured $12m in Series A funding to support the expansion of its car repair financing platform across Europe. The investment round was backed by InMotion Ventures, Porsche Ventures, Autotech Ventures, and a selection of prominent angel investors.
The company operates a digital platform used by major automotive dealerships to offer interest-free payment terms for vehicle repairs. The latest injection of capital follows the firm's recent launch in Ireland and sits alongside a working capital facility secured earlier in the year.
The fresh funds will be directed towards international expansion, scaling the technology team, and marketing activities as the business develops its consumer offerings in new markets.
From the founder
"Our main competitors are the large BNPL providers such as Klarna and credit cards. We are interest free and with short payment terms, customers are debt free quickly but risk long term debt with credit cards."
James Jackson
CEO and cofounder at Bumper
Investor perspective
"The technology seamlessly integrates with the existing systems of dealerships and OEMs. The platform’s proposition will benefit millions of consumers who need more flexibility when paying for crucial repairs."
Alex Smout
Principal, InMotion Ventures
Use of funds
- 01Grow the team
- 02Continue product development
- 03Invest in sales and marketing
- 04Expand into international markets
