Bumper raises £40m to accelerate growth in the UK and mainland Europe

Bumper, the finance group that enables consumers to spread the cost of car maintenance and repairs over time without paying interest, has announced a £40m fundraising to accelerate its growth.

The group, which used to be known as Auto Service Finance, won the Motor Trader Finance Product of the Year in 2020.

Bumper makes its money through a service charge to partners with no interest to consumers.

It now offers a range of digital and physical payment options, including open banking payments, card payments and in-dealership card terminals. The funding round takes Bumper’s total investment to date to £53m.

The new funding will be used to expand across Europe, most notably in the UK, Spain, Germany, the Netherlands, and Ireland.

Bumper is currently available through 5,000 dealers, which have provided flexible payments for more than 250,000 repairs in the last 12-months.

The business counts most of the major automotive brands in the world as clients, including Volvo, Ford, Nissan, VW Group, JLR and Porsche.

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

“We’ll do it by providing a no-brainer solution, one that gives their customers the ultimate flexibility in making the necessary payments to keep their cars on the road.

“£We are proud of the growth journey we have been on over the last 9 years and the endorsement of investment from InMotion Ventures and Porsche is a hugely positive moment for the business.

“While we’re proud of our record, I firmly believe we’re just getting into second gear.

“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.”