Bumper raises £2m with Suzuki, Marubeni coming on board

Automotive fintech Bumper has raised a further £2 million through Suzuki Global Ventures and Marubeni Ventures investing to accelerate its scaled growth across Europe.

Bumper is currently available through 5,000 dealers, which have provided payment solutions for more than 250,000 repairs in the last 12 months. The business plans to continue to double that number each year.

Suzuki has a strong European dealer network, with its UK operation recently ranked as the top performing automotive brand in the Institute of Customer Service’s 2024 UK Customer Satisfaction Index.

Marubeni owns three dealership groups in the UK: RRG Group and HPL Motors Group in Manchester and Norton Way Motors in London.

This latest investment follows 2023’s £40m Series B fundraise which attracted further investment from Autotech Ventures, Shell Ventures, JLR’s InMotion Ventures and Porsche Ventures. Investment in Bumper now totals £55m.

The funding round comes on the back of record growth for the business, with Gross Merchandise Value (GMV) growing 100% YoY and customer numbers up 80% in the last 12 months.

James Jackson, co-founder and chief executive officer 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 in the UK and 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, Suzuki director and senior managing officer, 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 added: “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 are Bumper co-founders Jack Allman and James Jackson.

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• Source: https://www.am-online.com/news/acquisitions-and-deals/2024/04/05/bumper-raises-2m-with-suzuki-and-marubeni-coming-on-board