10:20 am, April 5, 2024
Fintech firm Bumper has secured £2m from manufacturer Suzuki and dealer group owner Marubeni in a fresh funding round.
The investment – an extension to the earlier Series B round – takes the total ploughed into the company in both rounds to £42m.
Bumper works with some 5,000 dealerships and garages in the UK, Spain, Germany, Netherlands and Ireland to provide a platform for over 600,000 drivers to pay their servicing and repair bills.
It said that as automotive businesses, new investors Suzuki Global Ventures and Marubeni Ventures were strategically important and would help further accelerate its growth across Europe, including in the UK.
Suzuki’s UK operation was recently ranked as the top-performing automotive brand in the Institute of Customer Service’s 2024 UK Customer Satisfaction Index.
Meanwhile, Marubeni – a Car Dealer Top 100 firm – owns three dealership firms in the UK: RRG Group and HPL Motors Group in Manchester plus Norton Way Motors in London.
Last year’s £40m Series B round saw investment from Autotech Ventures, Shell Ventures, JLR’s InMotion Ventures plus Porsche Ventures – investment in Bumper now totals £55m.
James Jackson, co-founder and CEO of Bumper, said: ‘With Suzuki Global Ventures and Marubeni Ventures joining our growing portfolio of major automotive investors, we can accelerate our ambitious plans to be the dominant payment platform for car dealers across Europe.
‘We’re delighted that Suzuki Global Ventures and Marubeni Ventures see the value of what we’ve already achieved and our future potential.
‘Unexpected and unbudgeted car repair bills are a universal problem requiring flexible payment solutions that benefit customers and dealers.
‘With our investors’ support, we’re now ideally placed to invest in new products and increase our dealer footprint.’
Kinji Saito, director and senior managing officer of Suzuki, said: ‘Bumper’s unique AI technology enables real-time financing decisions, thereby making it easier for customers to take their cars for repairs and services, and dealers to attract customers.
‘With this investment, made through Suzuki Motor Corporation’s corporate venture capital fund, we aim to enhance the convenience of customers through expanding Bumper’s services.’
Tristan Jennings, senior associate of Marubeni Ventures, said: ‘Bumper has clearly demonstrated an ability to address the unique financing needs of automotive repair customers, reduce friction at point of sale and improve the user experience, while seamlessly integrating into existing dealership IT infrastructure.
‘We aim to leverage Marubeni’s existing businesses in the automotive and auto finance sectors to further expand Bumper’s reach and build upon its outstanding level of customer service.’
Pictured at top are Bumper co-founders Jack Allman, left, and James Jackson
