Allman says its work with Volkswagen Group dealers in the UK turned the head of Porsche Ventures, bringing them on board. The investment will allow the company to double its 40-odd employees, both here in the UK and in Turkey, where it bases its tech centre for developing online technology.
The money will also be used to push into Europe, starting with Germany and following into Spain, Portugal and the Netherlands.
“Our aim is to be the number-one payments provider in the automotive space in Europe,” Allman said.
Given how many firms in Autotech Venture’s portfolio have the words ‘acquired by’ next to them on their online entry, Bumper must also be picturing a big-money buy-out in its future as well.
It has moved into profitability within the “last 12-18 months” Allman says, which is fairly quick for a fintech (financial technology) start-up.
Bumper came 89th in the Financial Times’ list of Europe’s fastest-growing companies in 2021, with a revenue of 1.61m, compared with 128,010m in 2016, and was the sixth fastest-growing fintech company.
Its goal now is to embed itself further in the whole buying process to enable customers to more easily choose a pay-later option.
smart way has been to embed itself into the video sent to the owner after the car’s health check, so after the technician has looked over the car but before the work has been authorised.
This is how it works within 160 dealers run by Arnold Clark, for example. The customer watches the video and has the option to click on the rebranded Arnold Clark Easy Pay banner. The post-inspection, pre-authorisation is one way that dealers are disincentivised from jacking up the price to include the Bumper fee, given that they don’t know yet how the customer will pay or what they will authorise.
The success of Bumper means co-founder James Jackson now has little need of his own company: from driving an old Polo, he now has a new Audi E-tron on order.