Automotive fintech Bumper has raised an additional £2 million by means of Suzuki International Ventures and Marubeni Ventures investing to speed up its scaled development throughout Europe.

Bumper is presently out there by means of 5,000 sellers, which have supplied cost options for greater than 250,000 repairs within the final 12 months. The enterprise plans to proceed to double that quantity annually.

Suzuki has a robust European vendor community, with its UK operation not too long ago 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 development 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 govt officer of Bumper, mentioned: “With Suzuki International Ventures and Marubeni Ventures becoming a member of our rising portfolio of main automotive buyers, we will speed up our formidable plans to be the dominant cost platform for automotive sellers within the UK and throughout Europe.

“We’re delighted that Suzuki International 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 drawback requiring versatile cost options that profit prospects and sellers. With our buyers’ help we’re now ideally positioned to spend money on new merchandise and enhance our vendor footprint.” 

Kinji Saito, Suzuki director and senior managing officer, mentioned: “Bumper’s distinctive AI expertise allows real-time financing choices, thereby making it simpler for purchasers 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 intention to boost the comfort of shoppers by means of increasing Bumper’s companies.”

Tristan Jennings, senior affiliate of Marubeni Ventures added: “Bumper has clearly demonstrated a capability to handle the distinctive financing wants of automotive restore prospects, cut back friction at level of sale and enhance the consumer expertise, whereas seamlessly integrating into current dealership IT infrastructure.

“We intention to leverage Marubeni’s current companies within the automotive and auto finance sectors to additional broaden Bumper’s attain and construct upon its excellent stage of customer support.”

Pictured are Bumper co-founders Jack Allman and James Jackson.