A BNPL fintech for car servicing and repairs has raised $11m in an equity funding round. Called Bumper, the Sheffield and London-based startup has raised the funds in a Series B extension.
The funding round was led by Autotech Ventures, with investment from a raft of leading names in the car industry. These include Jaguar Land Rover’s InMotion Ventures, Suzuki Global Ventures, Porsche Ventures and Shell Ventures.
Bumper, founded in 2013, aims to tackle what it says is a big pain point in motoring: unexpected repair bills. Be it a failed MOT or accident damage, it says many drivers face bills of £500 or more with no warning. Bumper's proposition allows customers to split the costs into interest-free payments through their dealership or garage.
Bumper will use the funding to scale its BNPL service for drivers across Europe, while expanding its offering to dealers and original equipment manufacturers (OEMs). Bumper has expanded to Spain, Germany, the Netherlands and Ireland, with further expansion planned.
Bumper has relationships with 5,000 dealerships and garages and works with leading automotive brands, including Volkswagen, Ford, Nissan, Volvo, Seat, Audi, Skoda, Jaguar Land Rover and Porsche.
"A sudden repair bill can hit families hard,” said James Jackson, co-founder and CEO of Bumper. “We created Bumper to give people control, flexibility and peace of mind when the unexpected happens."
Bumper carried out a £40m funding round in January last year. It is thought to have raised around $85m in total.
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