Volt, the real-time payments platform, announces a strategic partnership with Bumper, a payment platform for car dealerships.
This collaboration aims to leverage open banking and real-time payments to streamline transactions, covering consumer vehicle deposits, repairs, parts, services, and outright vehicle purchases.
This partnership coincides with a resurgence in UK car sales, surpassing pre-pandemic levels in 2023, particularly in the used car segment, which experienced a 5.5% year-on-year growth in Q3 2023.
Since the integration began in January 2024, Volt and Bumper have processed over £3 million in payments in the UK, with some customers using Volt to purchase cars outright.
Volt now powers Bumper’s ‘Pay Now’ function, providing instant settlements and real-time tracking for dealerships. The integration introduces a mobile-first experience, offering checkout flow and pay-by-link options, contributing to the digitisation of dealerships.
By addressing the challenge of slow settlement times, the collaboration empowers dealerships with greater control over cash flow and inventory, minimising the risk of non-payment or system errors.
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While currently available in the UK, Volt’s integration plans to expand across more European countries in line with Bumper’s European expansion strategy.
The collaboration between Volt and Bumper not only enhances the functionality for partnered dealerships and customers but also contributes to driving open banking adoption in the UK. The partnership extends open banking payments to over 5,000 dealerships in the UK, including major automotive manufacturers like Audi, Ford, Porsche, and Volkswagen.
Richard Drury, VP of Partnerships at Volt, emphasised the significance of their solution in alleviating payment challenges faced by car dealerships, with quick adoption and promising results.
Jack Allman, CCO and Co-Founder at Bumper, highlighted the impact of Volt as Bumper’s Open Banking payment provider, enhancing functionality for dealerships and customers alike.
Both Volt and Bumper have experienced significant growth, with Volt securing partnerships with Shopify and Worldpay in 2023, a successful Series B funding round, and expansion into Australia.
Meanwhile, Bumper has raised £40 million in its Series B funding round, fueling its European expansion plans, supported by Volt’s global payments network.