A purchase now, pay later specialist which helps motorists unfold the price of repairing their vehicles has landed tens of millions of kilos from the enterprise arms of Jaguar Land Rover, Porsche and different main automotive teams.
Sky Information understands that Bumper, which relies in London and Sheffield, will announce later this week that it has raised $11m (£8.1m) in an extension to its Collection B funding spherical.
Based in 2013 by James Jackson and Jack Allman, Bumper’s newest capital injection can also be backed by Suzuki Ventures and Shell Ventures.
The spherical was led by Autotech Ventures.
The corporate, which has seen the variety of motorists it assists soar previously yr, helps drivers break up restore payments into BNPL interest-free instalments, and says it’s now “operationally worthwhile”.
It has expanded to Germany, Eire, the Netherlands and Spain, and can also be diversifying into different fee and software program companies by what it describes as “a focused M&A method”.
“A sudden restore invoice can hit households exhausting,” mentioned Mr Jackson, Bumper’s chief govt.
“We created Bumper to present individuals management, flexibility and peace of thoughts when the surprising occurs.
“Over 1.5 million drivers have now used our platform to maintain their vehicles on the street with out breaking the financial institution.”
Bumper is accessible as a financing choice in additional than 5,000 dealerships and garages, and counts car-makers together with Audi, Ford, JLR, Nissan and Volkswagen amongst these with which it really works.
Final October, the corporate acquired AutoBI, a enterprise intelligence platform for automobile retailers and OEMs (unique tools producers).
Extra just lately, it purchased Cocoon Funds, a white-label answer which helps dealerships streamline digital fee processes.
“We’re constructing out from our shopper BNPL roots right into a full-stack platform for automotive retail,” Mr Jackson mentioned.
“By proudly owning extra of the funds stack and delivering software program options to sellers, we will enhance margins, simplify operations and help the way forward for mobility retail.”
The valuation at which Bumper’s new funding had been raised was unclear on Wednesday.
