Bumper, a fintech company specialising in buy now, pay later payment options for car repairs, has announced that the company has helped customers save £213 million in interest-free repairs.
Founded in 2013, Bumper enables garages and dealerships to offer customers the ability to spread the cost of car repairs into interest-free payments.
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James Jackson, CEO and co-founder of Bumper, said: “We are delighted that our customers have saved a remarkable £213 million in interest and fees by using Bumper for their car repairs instead of credit cards. This demonstrates the financial benefits of exploring alternative payment options in the automotive industry, which has always been our goal.”
“In the recently published FT1000, Bumper achieved its highest position, ranking 281, with a compound growth rate of 93%. Our success is attributed to the exceptional talent of our teams in the UK, Spain, Germany, Netherlands, and Turkey, and the increasing number of dealers choosing our platform in the UK, Republic of Ireland, Germany, Spain, and the Netherlands.
“Interest-free payment plans for car repairs offer significant benefits for drivers. This straightforward solution helps manage unexpected expenses without additional costs. By staying financially prepared, drivers can protect themselves against unexpected repair bills and ensure uninterrupted access to essential transportation,” Jackson adds.
“With unforeseen car repairs costing drivers £10 billion collectively, the financial unpredictability of vehicle ownership is evident. Exploring all available payment options is essential for managing unexpected repair costs effectively.”
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By GlobalData“We completed a £40 million fundraise in 2023, which is already being used to accelerate the next stage of our growth. This will see the number of repairs we help our dealer partners facilitate double to 500,000 this year and continue to double annually.”
“A study of 2,000 UK drivers reveals that nearly seven in ten drivers faced unexpected repair bills last year, highlighting the need for financial preparedness in the automotive sector. Interest-free payment options can offer vital relief for those dealing with sudden expenses.”
