Bumper, a fintech providing buy now pay later payment options for car repairs, has raised £40m in a funding round featuring backing from Porsche and Jaguar Land Rover.
Founded in 2013, Bumper gives garages and dealerships the option to spread the cost of car repairs for customers into interest-free payments.
The Sheffield-headquartered company’s clients include Volvo, Ford, Nissan, Skoda, Audi and VW, as well as investors Porsche and JLR, which backed the company through their respective investment arms Porsche Ventures and InMotion Ventures.
“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.”
The Series B round was led by Autotech Ventures and also featured participation from Shell Ventures and Revo Capital.
“Bumper solves a genuine customer need, supporting car owners in times of stress so that they can get back on the road as quickly and efficiently as possible,” said Autotech Ventures managing director Alexei Andreev.
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.
The investment follows Bumper’s £26.1m Series A round in November 2022 and subsequent debt extension of £20m.