Automotive fintech Bumper has raised an extra £2 million by way of Suzuki World Ventures and Marubeni Ventures investing to speed up its scaled development throughout Europe.
Bumper is at present accessible by way of 5,000 sellers, which have offered cost options for greater than 250,000 repairs within the final 12 months. The enterprise plans to proceed to double that quantity annually.
Suzuki has a powerful European vendor community, with its UK operation not too long ago ranked as the highest performing automotive model within the Institute of Buyer Service’s 2024 UK Buyer Satisfaction Index.
Marubeni owns three dealership teams within the UK: RRG Group and HPL Motors Group in Manchester and Norton Method Motors in London.
This newest funding follows 2023’s £40m Collection B fundraise which attracted additional funding from Autotech Ventures, Shell Ventures, JLR’s InMotion Ventures and Porsche Ventures. Funding in Bumper now totals £55m.
The funding spherical comes on the again of document development for the enterprise, with Gross Merchandise Worth (GMV) rising 100% YoY and buyer numbers up 80% within the final 12 months.
James Jackson, co-founder and chief government officer of Bumper, mentioned: “With Suzuki World Ventures and Marubeni Ventures becoming a member of our rising portfolio of main automotive traders, we are able to speed up our bold plans to be the dominant cost platform for automobile sellers within the UK and throughout Europe.
“We’re delighted that Suzuki World Ventures and Marubeni Ventures see the worth of what we’ve already achieved and our future potential. Sudden and unbudgeted automobile restore payments are a common downside requiring versatile cost options that profit clients and sellers. With our traders’ assist we’re now ideally positioned to put money into new merchandise and enhance our vendor footprint.”
Kinji Saito, Suzuki director and senior managing officer, mentioned: “Bumper’s distinctive AI know-how allows real-time financing choices, thereby making it simpler for patrons to take their vehicles for repairs and providers, and sellers to draw clients.
“With this funding, made by way of Suzuki Motor Company’s company enterprise capital fund, we goal to reinforce the comfort of consumers by way of increasing Bumper’s providers.”
Tristan Jennings, senior affiliate of Marubeni Ventures added: “Bumper has clearly demonstrated a capability to deal with the distinctive financing wants of automotive restore clients, scale back friction at level of sale and enhance the consumer expertise, whereas seamlessly integrating into present dealership IT infrastructure.
“We goal to leverage Marubeni’s present companies within the automotive and auto finance sectors to additional broaden Bumper’s attain and construct upon its excellent stage of customer support.”
Pictured are Bumper co-founders Jack Allman and James Jackson.
