Ryan FowlerBumper has raised an additional £8m in equity funding in the second extension of its Series B round, bringing total investment in the round to £20m.
The latest raise includes continued backing from Autotech Ventures, Suzuki Global Ventures, Porsche Ventures, JLR’s InMotion Ventures and Shell Ventures.
The funding coincides with the company’s tenth anniversary and the launch of a refreshed corporate brand and website designed to improve functionality for dealer partners and car owners.
The investment will support the rollout of the Bumper Pro platform and AutoBI services across the UK and Europe, as well as strategic hiring to expand operations.
Bumper Pro enables automotive retailers to use direct payment solutions to reduce card transaction fees and automate back-office workflows.
AutoBI, acquired by Bumper last year, offers real-time business intelligence tools for car retailers and OEMs.
James Jackson, co-founder and chief executive officer at Bumper, said: “This investment is a strong vote of confidence from existing investors in our ambitious growth trajectory, long-term vision and our amazing team.
“We are now operationally profitable and on track to surpass £1bn in gross merchandise value (GMV) in 2025, representing a tripling of our GMV year-on-year.
“This momentum is driven by our expanding suite of services that deliver quantifiable value to automotive retailers and OEMs.”
Tony Rimas, venture partner at Autotech Ventures, said: “We first invested in Bumper in 2021, attracted by its industry leading buy now, pay later (BNPL) product and penetration in the UK dealer sector.
Since then we have been impressed by its remarkable revenue growth in the UK and across Europe, its expanded portfolio of payment solutions and the team’s ability to execute on its ambitious plans.
“We’re delighted to support the next phase of Bumper’s growth and are particularly excited by the opportunities presented by its acquisition of AutoBi and Cocoon Payments and the rollout of the game-changing Bumper Pro platform.”
Kaihei Takagi, director of Suzuki Global Ventures, added: “We are very excited to continue supporting Bumper’s growth, following our initial investment, in this Series B extension.
“As a result of Bumper’s proactive M&A growth strategy, we have been able to engage in broader strategic discussions beyond just Buy Now, Pay Later (BNPL), including areas of potential collaboration with Suzuki Motor Corporation.
“We look forward to deepening these strategic conversations and supporting Bumper’s continued expansion across Europe, Japan and other regions.”
This story was first published on our sister title Motor Trade News.
