11:36 am, April 4, 2023
Fintech firm Bumper is celebrating huge increases in revenue.
Figures released to Car Dealer show that the company, which offers interest-free loans for car repairs, brought in £7.8m in 2022 versus £4.3m in 2021 – an 81 per cent increase.
That’s also a 271 per cent rise on 2020’s figure of £2.1m.
Gross merchandise value, meanwhile, went up from £57.6m in 2021 to £111.34m last year – a 93 per cent increase.
Compared with 2020’s figure of £23.5m, that equates to a whopping 374 per cent rise over the two years.
Bumper was also ranked 30th in the Fintech category in the Financial Times’ list of the fastest-growing companies in Europe last month – the third year in a row it’s featured on the list.
The list, based on revenue growth over the past three years up to 2021, sees Bumper as just one of 125 firms to have ranked consecutively in the past three years.
Its payment products for motorists comprise Buy Now Pay Later, PayNow (payments in full) and – most recently – Open Banking, enabling dealerships to pay less for transactions and enhance cash flow with instant payments and cleared funds.
Co-founder and chief commercial officer Jack Allman said: ‘We are incredibly proud of the growth Bumper has seen in the past two years, particularly as Bumper’s ever-growing suite of payment solutions have been developed with supporting the dealership in mind.
‘Increasing workshop utilisation by spreading the word that car owners can split their bills over monthly interest-free payments is an important consideration for drivers as they manage the ever-increasing costs associated with car ownership during the cost-of-living crisis.’
Bumper says it has helped more than 350,000 drivers with their servicing and repair bills via its Buy Now Pay Later scheme.
Based in London and Sheffield, with a tech development centre in Ankara, it expanded into Ireland in 2021 as well as Spain and Germany last year, and now works with more than 4,000 dealerships and garages.
