Bumper Raises $ 12 Million to Expand Buy Now, Pay Later Auto Repair Offer

Alternative loans

Supported by Autotec and Jaguar Land Rover, Bumper plans to expand across Europe.

Image source: bumpers.

Bumper, the UK buy-it-now and on-payment provider, has raised $ 12 million in Series A funding that will help the company expand its auto repair funding platform across Europe, announced Tuesday the society.

The latest round, which brought total funding to $ 17.5 million, was led by Silicon Valley-based Autotech Ventures with participation from Jaguar Land Rover’s InMotion Ventures fund, Porsche Ventures and a group of Leading angel investors, according to the press release.

The European aftermarket is expected to reach 300 billion euros by 2030, said Bumper, who is already profitable and plans to triple its gross value of goods (GMV) by the end of 2021.

“We believe auto repairs and the aftermarket are the next big frontiers for BNPL,” said Alexei Andreev, Managing Director of Autotech Ventures. “Bumper’s business links with major automotive OEMs, deep integration with dealers, and repair quotation tools create formidable barriers to entry for other players,” he added.

Bumper offers flexible interest-free payments and a fully automated platform for financing and managing auto repairs. Currently, 60% of the UK franchised dealership market uses its platform, including Volkswagen Group, Ford, Jaguar Land Rover and Nissan. Already a dominant player in the UK and Ireland, Bumper aims to be present in all major European markets by the end of 2022.

The company is currently rolling out its product in Germany and plans to launch it in Spain and the Netherlands within the next three months. The new funding will go towards hiring in these new markets, scaling the technical team and marketing, he said.

“We have seen a huge demand to expand the services we offer and we look forward to bringing Bumper to customers across Europe,” said James Jackson, CEO and Co-Founder of Bumper.

The company is planning a widespread launch of a consumer app, which will serve as a one-stop-shop for all automotive requirements, such as paying tolls, parking and tolls, and approving repair work. The app is expected to launch in the UK in January 2022, he said.

Earlier this year, the Financial Time named Bumper the eighth fastest growing European fintech.

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Sylvia F. Hernandez