July 21, 2024
News

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

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 opportunity to spread the cost of car repairs into interest-free payments.

James Jackson, CEO and co-founder of Bumper, expressed: “We are thrilled that our customers have saved an impressive £213 million in interest and fees by utilizing Bumper for their car repairs instead of credit cards. This highlights the financial advantages of exploring alternative payment options in the automotive industry, which has always been our aim.”

“In the recently published FT1000, Bumper reached 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, and the increasing 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 significant benefits for drivers. This simple solution aids in managing unforeseen expenses without additional costs. By staying financially prepared, drivers can shield themselves from unexpected repair bills and ensure uninterrupted access to essential transportation,” Jackson adds.

“With unforeseen car repairs costing drivers £10 billion collectively, the financial uncertainty of vehicle ownership is clear. Exploring all available payment options is crucial for effectively managing unexpected repair costs.”

“We concluded a £40 million fundraise in 2023, which is already being utilized to expedite the next phase of our expansion. This will lead to the number of repairs we assist our dealer partners with doubling 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, underscoring the necessity of financial readiness in the automotive sector. Interest-free payment options can offer crucial relief for those grappling with sudden expenses.”


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