Porsche and Jaguar help Bumper’s $ 12 million Series A


Bumper, a UK buy-now-pay-later (BNPL) start-up that helps people pay for auto repairs, has raised $ 12 million with help from two automakers.

According to published reports, the Bumper Series A was led by Autotech Ventures, with support from Porsche Ventures and Jaguar Land Rover’s InMotion Ventures fund.

The company will use the funding to expand into Spain, the Netherlands and Germany, with plans to add other European markets before the end of next year. Bumper will also increase its staff and increase its marketing for its business-to-consumer offerings. Next month, he plans to launch an app to help make payments for things like tolls and parking and to approve repairs.

Founded in 2013, Bumper was initially known as Auto Service Finance. The company allows car owners to spread the cost of repairs over several installments and also works with automakers such as Ford, Volkswagen, Nissan and Jaguar Land Rover.

“Bumper offers a simple alternative to unexpected car repairs,” said James jackson, CEO and co-founder of Bumper. “It’s a very different proposition from other BNPL services, because we don’t encourage people to buy things they don’t need, we allow them to buy needed repairs at an affordable price. We have seen a strong demand to expand the services we offer and look forward to bringing Bumper to our customers across Europe.

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PYMNTS discussed the need for BNPL’s services to meet needs last week in an interview with Bobby Tzekin, co-founder and CEO of Wisetack. His company BNPL finances goods and services in areas where BNPL coverage is largely absent, such as cars or dental care, but mainly focuses on household trades.

“We’re focused on emergency repairs and things that are still in that range of a few thousand to $ 10,000 to $ 20,000, which people generally want to deal with faster than getting a line of. home equity credit, ”Tzekin said. .



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