Automotive Fintech Startup Backed by Revo Capital, Autotech Ventures and InMotion Ventures Raises £26M in Series A Expansion Round

Car repair payment platform www.bumper.co.uk has raised £26.1 million ($30 million) in investment from its Series A expansion round, with automotive giants and venture capitals Autotech Ventures, InMotion Ventures (the investment arm of Jaguar Land Rover), ITOCHU and Revo Capital invests in the fintech start-up for the automotive industry.

As part of the Series A extension round, a new debt facility was agreed with Secure Trust Bank Commercial Finance worth £20m ($23m), with the additional investment coming in the form of equity through Autotech Ventures, InMotion Ventures, ITOCHU and Revo Capital. The expansion round closes just over a year after Bumper’s Series A round raised £10.5 million ($12 million) in June 2021, bringing the total investment to £36.6 million ($42 million).

Bumper is a digital payment platform for car repairs and services, enabling owners to pay online, in store or spread their costs over interest-free monthly installments. It also delivers an installment finance solution that uses proprietary AI-enabled technology to facilitate real-time lending decisions.

Bumper enables over 4,000 partner dealers and workshops across the UK, Ireland, Spain and Germany to sell a greater proportion of identified repair work, reducing workshop downtime, with no risk or commitment, whilst increasing customer loyalty.

Having been named the eighth fastest growing fintech in the 2021 FT1000 ranking of Europe’s fastest growing companies, the new funds will be used to continue Bumper’s expansion across key European markets, including but not limited to Germany, Spain and the Netherlands .

James Jackson, Managing Director of www.bumper.co.uk, commented:

“Bumper’s rapid growth trajectory has been incredibly exciting, and the new round of investment from our fantastic partners means we can continue this growth trajectory and pursue our lofty goals of further expansion across Europe.

“As the cost of living crisis tightens, it’s never been more important to offer affordable and convenient payment options that give drivers peace of mind when getting their vehicles repaired.”

John Gribbon, Yorkshire and North East regional managing director at Secure Trust Bank, said:

“We first started working with Bumper’s management team almost three years ago, and since then the business has shifted gears, developed its technical capabilities and expanded its network of dealers, thereby demonstrating the strength of the business model. Our close relationship with the team and our growing understanding of the business has enabled us to work quickly and flexibly, keeping pace with Bumper’s increasing working capital needs. This latest round of investment puts the business in pole position for further success.”

Cenk Bayrakdar, CEO and founder of Revo Capital, commented:

“Bumper’s impressive growth and history of achieving success through its comprehensive automotive repair fintech solution has positioned Bumper well to accelerate its international growth. James and his team continue to prove Bumper’s strength and effectiveness in this area, and we are excited to join them on the next leg of their journey and support Bumper’s R&D initiatives in Türkiye.”

Alexei Andreev, CEO of Autotech Ventures, commented:

“We are impressed by the smart financial tools and modern software used by Bumper and how this technology is becoming important in today’s economy. Autotech continues to support the team in their journey towards becoming an industry leading BNPL product.”

Mike Smeed, CEO of InMotion Ventures, commented:

“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 in the business and look forward to supporting the team as they expand across Europe.”