July 25, 2024
News

Bumper helps customers save £213 million on interest-free car repair plans

Bumper, a fintech company specializing in buy now, pay later payment options for car repairs, has announced that the company has assisted customers in saving £213 million in interest-free repairs.

Established in 2013, Bumper allows garages and dealerships to provide customers with the option to divide the expense of car repairs into interest-free payments.

James Jackson, CEO and co-founder of Bumper, expressed, “We are thrilled that our customers have collectively saved an impressive £213 million in interest and fees by utilizing Bumper for their car repairs rather than credit cards. This underscores the financial advantages of exploring alternative payment methods in the automotive sector, which has always been our objective.”

“In the recently published FT1000, Bumper secured its highest position, ranking 281, with a compound growth rate of 93%. Our success is credited to the exceptional talent of our teams in the UK, Spain, Germany, Netherlands, and Turkey, as well as the rising number of dealers opting for our platform in the UK, Republic of Ireland, Germany, Spain, and the Netherlands.

“Interest-free payment plans for car repairs offer substantial benefits for drivers. This simple solution aids in managing unforeseen expenses without added costs. By maintaining financial readiness, drivers can shield themselves from unexpected repair bills and ensure continuous access to essential transportation,” Jackson adds.

“With unforeseen car repairs collectively costing drivers £10 billion, the financial unpredictability of vehicle ownership is apparent. It is crucial to explore all available payment options for effectively handling unexpected repair expenses.”

“We concluded a £40 million fundraising round in 2023, which is already being utilized to expedite the next phase of our expansion. This will result in doubling the number of repairs we assist our dealer partners in facilitating to 500,000 this year and continuing to double annually.”

“A survey of 2,000 UK drivers reveals that nearly seven in ten drivers encountered unexpected repair bills last year, emphasizing the necessity of financial preparedness in the automotive sector. Interest-free payment options can provide crucial relief for those grappling with sudden expenses.”


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