U.K.-based automotive fintech Bumper has raised £40 million ($50 million) in Series B funding led by Autotech Ventures to accelerate its expansion in Europe.

The company, founded in 2013 and based in Sheffield, provides interest-free after-sales finance to help consumers spread the cost of car maintenance and repairs. The company earns revenue from service charges to its commercial partners.

It offers digital and physical payment options for dealers and garages so consumers have flexible payment options including open banking payments, in-dealership card terminals and card payments. It launched a customer-facing car service portal for its customers in August 2022.

Its services are available via around 5,000 dealers. The company said it has provided flexible payment options for more than 250,000 repairs in the last 12 months and it wants to double that number each year.

Clients include Volvo, Nissan, VW Group and Ford. According to Bumper, it has grown its gross merchandising value by 100% year-on-year over the last few years and its customer numbers have grown by 80% in the last 12 months.

The company has now raised £76 million in total, after a Series A funding round of £10.5 million at the end of 2021 and a further £26.1 million raise in December 2022.

The new funding will be used to expand further into Europe, into Spain, Germany the Netherlands and Ireland. The funding round also featured investment from Shell Ventures, Jaguar Land Rover’s InMotion Ventures, Porsche Ventures and Revo Capital.

“We want to be the dominant payment platform for car dealers across Europe,” said James Jackson, co-founder and CEO of Bumper.

“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.”

 

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