A Sheffield and London-based buy now, pay later specialist which helps drivers spread the cost of repairing their cars has reportedly secured millions from the venture arms of Jaguar Land Rover, Porsche and other automotive groups.
Sky News says it understands Bumper will confirm later this week that it has raised $11m/£8.1m in an extension to its Series B funding round. The round was led by Autotech Ventures.
Established in 2013 by James Jackson and Jack Allman, the business’s latest capital injection is also supported by Suzuki Ventures and Shell Ventures.
The company helps drivers divide repair bills into buy now, pay later interest-free instalments, and says it is now “operationally profitable”.
It has advanced its operations into Germany, Ireland, the Netherlands and Spain, and is diversifying into other payment and software services.
Bumper is available as a financing option in more than 5,000 dealerships and garages. Car-maker brands Bumper now works with include Audi, Ford, JLR, Nissan and Volkswagen.
Last October, the firm bought AutoBI, a business intelligence platform for car sellers and original equipment manufacturers. More recently, it acquired Cocoon Payments, a white-label product which helps dealerships streamline digital payment processes.
