Bumper, a fintech group that gives versatile fee buildings for automotive companies, has secured authorisation for shopper credit score lending within the UK.
The Sheffield-based agency is now authorised by the Monetary Conduct Authority (FCA) to launch its new service PayLonger.
Bumper’s flagship product PayLater works equally to conventional purchase now pay later (BNPL) choices, spreading the price of purchases into a number of interest-free funds.
With PayLonger, Bumper will be capable to provide bigger payments for automobile repairs to be unfold over an extended interval.
“Securing FCA authorisation not solely reinforces our dedication to accountable lending and shopper safety, however unlocks thrilling new alternatives for Bumper – significantly the flexibility to develop longer-term credit score merchandise that provide larger flexibility and affordability for purchasers going through substantial restore payments,” stated chief government James Jackson.
“It is a milestone second for Bumper as we glance to launch our PayLonger product, persevering with to speed up our development and empowering our dealership companions to ship even higher assist to their clients.”
The announcement comes because the UK BNPL business prepares for extra formal regulation within the UK.
Bumper raised £8m in a funding spherical in April of this 12 months, a 12 months after securing a £40m funding that included backing by Autotech Ventures, Shell Ventures and Revo Capital.
