Volt and Bumper in UK/European car payments tie-up

Volt, the real-time funds platform, pronounces a strategic partnership with Bumper, a cost platform for automotive dealerships.

This collaboration goals to leverage open banking and real-time funds to streamline transactions, overlaying shopper car deposits, repairs, elements, providers, and outright car purchases.

This partnership coincides with a resurgence in UK automotive gross sales, surpassing pre-pandemic ranges in 2023, notably within the used automotive section, which skilled a 5.5% year-on-year development in Q3 2023.

For the reason that integration started in January 2024, Volt and Bumper have processed over £3 million in funds within the UK, with some prospects utilizing Volt to buy vehicles outright.

Volt now powers Bumper’s ‘Pay Now’ operate, offering on the spot settlements and real-time monitoring for dealerships. The combination introduces a mobile-first expertise, providing checkout stream and pay-by-link choices, contributing to the digitisation of dealerships.

By addressing the problem of sluggish settlement occasions, the collaboration empowers dealerships with larger management over money stream and stock, minimising the danger of non-payment or system errors.

Whereas at the moment out there within the UK, Volt’s integration plans to develop throughout extra European nations consistent with Bumper’s European growth technique.

The collaboration between Volt and Bumper not solely enhances the performance for partnered dealerships and prospects but additionally contributes to driving open banking adoption within the UK. The partnership extends open banking funds to over 5,000 dealerships within the UK, together with main automotive producers like Audi, Ford, Porsche, and Volkswagen.

Richard Drury, VP of Partnerships at Volt, emphasised the importance of their answer in assuaging cost challenges confronted by automotive dealerships, with fast adoption and promising outcomes.

Jack Allman, CCO and Co-Founder at Bumper, highlighted the affect of Volt as Bumper’s Open Banking cost supplier, enhancing performance for dealerships and prospects alike.

Each Volt and Bumper have skilled vital development, with Volt securing partnerships with Shopify and Worldpay in 2023, a profitable Sequence B funding spherical, and growth into Australia.

In the meantime, Bumper has raised £40 million in its Sequence B funding spherical, fueling its European growth plans, supported by Volt’s international funds community.

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