Bumper has acquired digital payments platform Cocoon Payments used by over one of five of the UK’s top 100 franchised dealer groups.
The acquisition follows Bumper’s November 2024 purchase of AutoBI which provides business intelligence tools for car retailers and OEMs.
Cocoon helps dealers reduce costs and streamline payment operations across sales, servicing and parts. Its platform which can integrate with several Dealer Management Systems supports all major payment types, including credit and debit cards, via in-store terminals or remote pay-by-link, Pay by Bank App and its unique Automated Bank Transfer feature used for handling large balance payments. Additionally, dealers use the platform to pay customers directly for vehicle purchases and part-exchange settlements.
“Cocoon has come a long way since launching just four years ago due to the value it provides dealers across sales and aftersales. It has also grown its customer base at a rapid speed, adding a new dealer group every couple of weeks,” said James Jackson, CEO of Bumper.
“What impressed us about the business was the tech behind its platform and the way it is achieving considerable savings for dealers, especially with its Pay By Bank service, which eliminates the charges retailers pay on credit and debit card transactions, aligning perfectly with Bumper’s proposition.
“We’re delighted to welcome Cocoon’s talented team and customers to Bumper. By homogenising our platforms, this acquisition will accelerate our growth as the leading digital payment solution for car dealers in the UK and across Europe,” said Jackson.
Commenting on the acquisition Sam Meekins, Cocoon co-founder, said: “Cocoon was built to give our customers faster settlements, lower costs and a better customer payment experience.
“We’ve focused on solving real problems in automotive payments by simplifying pay-by-link, automating bank transfers and integrating with dealer systems. Joining Bumper means we can bring these tools and the benefits they deliver to more dealers, faster,” he said.
The management team and staff have all transferred to Bumper as part of the acquisition.
Pictured: Jack Allman (Bumper CCO), Sam Meekins (Cocoon co-founder), David Bray (Cocoon co-founder), James Jackson (Bumper CEO).