Bumper, a fintech group that offers flexible payment structures for automotive businesses, has secured authorisation for consumer credit lending in the UK.
The Sheffield-based firm is now authorised by the Financial Conduct Authority (FCA) to launch its new service PayLonger.
Bumper’s flagship product PayLater works similarly to traditional buy now pay later (BNPL) offerings, spreading the cost of purchases into several interest-free payments.
With PayLonger, Bumper will be able to offer larger bills for vehicle repairs to be spread over a longer period.
“Securing FCA authorisation not only reinforces our commitment to responsible lending and consumer protection, but unlocks exciting new opportunities for Bumper – particularly the ability to develop longer-term credit products that offer greater flexibility and affordability for customers facing substantial repair bills,” said chief executive James Jackson.
“This is a milestone moment for Bumper as we look to launch our PayLonger product, continuing to accelerate our growth and empowering our dealership partners to deliver even better support to their customers.”
The announcement comes as the UK BNPL industry prepares for more formal regulation in the UK.
Bumper raised £8m in a funding round in April of this year, a year after securing a £40m investment that included backing by Autotech Ventures, Shell Ventures and Revo Capital.
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