In order to speed its growth, Bumper, a fintech company that allows for adaptable payments for auto repairs, has secured $48 million Series B funding.
More than just money was raised in the most recent fundraising round, which was spearheaded by Autotech Ventures and supported by Shell Ventures, JLR, and Porsche. Essentially, it is a huge endorsement of their goal to become the preferred payment network for dealers worldwide.
They want to be the dominant payment platform for car dealers across Europe, giving their customers the ultimate flexibility in making the necessary payments to keep their cars on the road.
“Our journey began with a simple yet powerful idea: to make car repairs less financially burdensome for owners while empowering dealerships with advanced, digital payment solutions to enable those customers to say “yes” to the repairs and upgrades they need. Delivering a product to meet this simple mission has ultimately driven our exponential growth, and the endorsement of investment from JLR’s InMotion Ventures and Porsche Ventures is a hugely positive moment,” the startup said in a blog.
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They are expanding their reach, targeting key European markets including the UK, Spain, Germany, the Netherlands, and Ireland. While Bumper is already available through 5,000 dealers, enabling more than 250,000 repairs in the past year alone, their goal is to double this number annually.
Bumper is an infrastructure that facilitates payments for automobile dealerships. An improved method of paying for automobile repairs and equipment is being made available by Bumper. This method enables consumers to stretch the expense of their fixes over reasonable payments each month, and there is no interest charged on these payments.
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