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Car repairs payment platform www.bumper.co.uk has raised £26.1 million in investment.
The money has come from venture capital firms Autotech Ventures and InMotion Ventures (the investment arm of Jaguar Land Rover), ITOCHU and Revo Capital.
Bumper is a digital payment platform for vehicle repairs and services, enabling owners to pay online, in-store or spread their costs over monthly instalments interest-free.
Bumper won the Aftersales Product Provider of the Year at the 2022 Motor Industry Awards this month.
It also delivers an instalment financing solution using proprietary AI enabled technology to facilitate real-time lending decisions.
Bumper enables over 4,000 partnered dealerships and garages across the UK, Republic of Ireland, Spain and Germany to sell a larger proportion of identified repair work, reducing workshop downtime, with no risks or liabilities, while also boosting customer loyalty.
James Jackson, CEO of www.bumper.co.uk, said: “Bumper’s rapid growth trajectory has been incredibly exciting, and the new round of investment from our amazing partners means that we can continue this growth trajectory and pursue our lofty goals to expand further across Europe.
“As the cost-of-living crisis tightens, it’s never been more important to offer affordable and convenient payment options giving driver peace of mind when getting their vehicles repaired.”
Mike Smeed, managing director at InMotion Ventures, said: “Our team continues to be impressed by Bumper’s remarkable growth in the UK, and more recently in Ireland, Spain and Germany.
“We are delighted to announce our additional investment into the business, and look forward to supporting the team as they expand across Europe.”