Automotive fintech business Bumper has delivered record revenues of £11.7 million for the financial year ended 31 December, marking a 54% increase year-on-year.
The company also achieved a 90% surge in Gross Merchandise Value (GMV), with £211m worth of car repairs processed by dealers through its platform.
The results highlight Bumper’s rapid expansion and growing market presence, driven by key milestones throughout 2023.
This includes the successful completion of a £40m Series B funding round, the launch of its branded PayPad payment terminal, and recognition in the FT1000 as one of Europe’s fastest-growing fintech companies.
The company also made its debut in the Netherlands, securing a significant contract with European dealer group Van Mossel.
“2023 was a transformative year for Bumper,” said James Jackson, co-founder and CEO. “We saw exponential growth in the UK and significantly increased our presence in key European markets.
“Our success is a testament to the value we provide to our dealer partners, helping them increase workshop throughput and profitability by offering customers flexible payment options tailored to their needs and budgets.”
Looking ahead, the company said it is on track to more than double its GMV to approximately £460m by the end of 2024, bolstered by recent developments including Bumper’s acquisition of intelligence tools provider AutoBI.
Founded in 2019, Bumper now works with over 5,000 dealerships and garages across the UK, Spain, Germany, Netherlands, and the Republic of Ireland, helping over 600,000 drivers manage servicing and repair payments through its PayLater, PayNow, and PayPad services.
Bumper’s client roster also includes major brands such as Ford, Volkswagen, Nissan, Volvo, Seat, Skoda, Audi, JLR, and Porsche.
Pictured: Bumper co-founders Jack Allman and James Jackson