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Automotive fintech Bumper has raised an additional £2 million by means of Suzuki World Ventures and Marubeni Ventures investing to speed up its scaled progress throughout Europe.
Bumper is presently out there by means of 5,000 sellers, which have supplied fee options for greater than 250,000 repairs within the final 12 months. The enterprise plans to proceed to double that quantity every year.
Suzuki has a powerful European seller community, with its UK operation just lately 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 Means Motors in London.
This newest funding follows 2023’s £40m Sequence 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 progress 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 will speed up our formidable plans to be the dominant fee platform for automotive 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 automotive restore payments are a common downside requiring versatile fee options that profit prospects and sellers. With our traders’ assist we’re now ideally positioned to put money into new merchandise and enhance our seller footprint.”
Kinji Saito, Suzuki director and senior managing officer, mentioned: “Bumper’s distinctive AI know-how permits real-time financing selections, thereby making it simpler for patrons to take their vehicles for repairs and companies, and sellers to draw prospects.
“With this funding, made by means of Suzuki Motor Company’s company enterprise capital fund, we goal to boost the comfort of consumers by means of increasing Bumper’s companies.”
Tristan Jennings, senior affiliate of Marubeni Ventures added: “Bumper has clearly demonstrated a capability to deal with the distinctive financing wants of automotive restore prospects, cut 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 degree of customer support.”
Pictured are Bumper co-founders Jack Allman and James Jackson.
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