Priya Patel
TLDR:
- NX Technologies, a fintech company, raised 22 million euros in series B funding led by PayPal Ventures.
- The funding will be used to strengthen the company’s market position, expand into new markets, and accelerate platform growth.
NX Technologies, known for its automotive payment management platform bezahl.de, has secured 22 million euros in series B funding with PayPal Ventures leading the investment round. The Cologne-based fintech company plans to utilize the funding to enhance its presence in Germany, enter new markets across Europe, and boost the growth of its platform. bezahl.de, the core product of NX Technologies, has set a new standard for payment management in the automotive sector. The platform allows customers to streamline the receivables process, shorten the order-to-cash timeframe, and minimize accounting and back-office resources. More than 70 percent of the top 100 automotive retail groups and over 1,000 car dealerships in Germany rely on bezahl.de for payment management. NX Technologies’ focus on expanding beyond mobility sales into service and after-sales is evident with the launch of its first digital installments solution. The company plans to further develop its digital platform and delve into embedded finance, offering products such as automotive loans and insurance.
Lasse Diener, CEO and Co-Founder of NX Technologies, expressed excitement over the successful funding round, highlighting the company’s dedication and achievement in creating a new standard for payment management. PayPal Ventures Investor, Alexandros Bottenbruch, praised NX Technologies for addressing the inefficiencies in back-office processes within the automotive industry and sees the company well-positioned to gain more market share throughout Europe. NX Technologies’ Co-Founder and Chief Product and Technology Officer, Ulrich Schmidt, emphasized the company’s goal of becoming a market leader in Germany and expanding into new European markets with a focus on offering embedded finance products to automotive players.
Overall, the series B funding round led by PayPal Ventures signifies a significant milestone for NX Technologies as it continues to revolutionize payment management in the automotive sector, expand its product offerings, and enter new markets across Europe.
