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Bumper Raises £40m in Funding Round with Backing from Porsche and Jaguar Land Rover

Bumper, a fintech providing buy now pay later payment options for car repairs, has announced that it has raised £40m in a funding round featuring backing from Porsche and Jaguar Land Rover. This significant injection of funds will enable the company to expand its reach and continue to provide innovative payment solutions for car owners.

Company Background

Founded in 2013, Bumper has been at the forefront of providing garages and dealerships with the option to spread the cost of car repairs for customers into interest-free payments. The company’s client list includes Volvo, Ford, Nissan, Skoda, Audi, and VW, showcasing its widespread impact within the automotive industry. With investments from industry giants such as Porsche and JLR through their respective investment arms Porsche Ventures and InMotion Ventures, Bumper has solidified its position as a leading player in the market.

Addressing Customer Needs

In a statement, Bumper co-founder and CEO James Jackson emphasized the significance of the company’s mission in the current economic climate, stating that “There has never been a more important time for a business like Bumper, with consumers across Europe feeling the pinch amidst high inflation, rising bills, and escalating rent or mortgage costs.” The need for a flexible way to pay for car repairs is vitally important for drivers, and Bumper aims to provide dealers with the tools to offer customers a convenient payment solution.

Expanding Reach and Tech Innovation

The Series B round was led by Autotech Ventures and also featured participation from Shell Ventures and Revo Capital. Autotech Ventures managing director Alexei Andreev highlighted Bumper’s role in supporting car owners during times of stress, emphasizing the company’s commitment to helping customers get back on the road as quickly and efficiently as possible.

Utilizing Funds for Growth

The £40m funding round consisted of £15m of equity investment and £25m of debt financing. With this significant injection of funds, Bumper aims to expand its technological capabilities and reach across Europe, further solidifying its position as a leading provider of innovative payment solutions within the automotive industry.

AI legalese decoder and Compliance

As Bumper continues to grow and expand its operations, ensuring compliance with legal and regulatory requirements becomes increasingly important. This is where AI legalese decoder can play a crucial role. By utilizing advanced AI algorithms, the legalese decoder can analyze and interpret complex legal documents and regulations, allowing Bumper to ensure that its operations and financial activities are in compliance with the latest legal standards. Additionally, the AI legalese decoder can provide valuable insights into legal risks and opportunities, helping Bumper make informed decisions to support its growth and expansion initiatives.

Overall, the AI legalese decoder can be a valuable tool for Bumper as it navigates the complex legal landscape associated with financial activities and expansion into new markets.

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