BUMPER has secured a £10m flexible working capital facility from
Secure Trust Bank Commercial Finance to support its ambitious growth plans.
This initial funding will be used to back continued expansion and growth across the
UK, with the flexibility to increase in the future.
Bumper offers interest free Buy-Now-Pay-Later (BNPL) and PayNow products to
finance vehicle repairs, servicing, add-ons and accessories.
The firm’s exponential growth follows a significant increase in dealership partners,
with more than 60% of the franchised market in the UK now using its platform,
and the growing public adoption of BNPL to fund purchases.
As a result, Bumper has seen record lending month-on-month and expects to see its gross merchandise value increase by threefold in 2021.
The initial facility will be used to support growth in the loan book and ensure Bumper
can continue to help UK drivers spread the cost of their repair bills.
James Jackson, Chief Eecutive and co-founder of Bumper, said: “We are on a rapid growth trajectory, thanks to our continued increase in partner numbers, ever improving tech for dealerships, user experience for customers and our recent rebrand.
“We were keen to ensure that we partnered with a business that truly understood our
market and objectives and could create a flexible facility with scope to grow with us.
Secure Trust has invested time in getting to know the business, created a flexible
facility that works for us and were able to deliver it quickly.”
The new funding provision follows last month’s launch of Bumper’s service in Ireland,
its first European market outside of the UK, with the company planning to become
Europe’s largest BNPL provider for car repairs and servicing.
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