Germany-based fintech company NX Technologies has secured €22m in a Series B funding round for its automotive payment management platform bezahl.de.
The financing round was led by PayPal Ventures, the corporate venture arm of payments company PayPal.
It also saw the participation of European and Latin American venture capital fund Seaya Ventures, Europe-focused venture capital firm Walter Ventures, and NX Technologies’ existing investor Motive Ventures.
NX Technologies chief financial officer Markus Wolf led the financing round on behalf of the company.
Established in 2018, NX Technologies focuses on digital payment management with its bezahl.de platform.
The company offers simplified and automated processing of the entire dunning process in real time, increasing efficiency of internal payment management and saving resources.
Bezahl.de enables customers to reduce the order-to-cash timeframe and minimise accounting and back-office resources.
The platform also provides an improved, modern payment experience for customers of dealerships and other automotive providers with numerous payment methods and embedded financing options.
According to NX Technologies. over 70% of the top 100 automotive retail groups and more than 1,000 car dealerships in Germany leverage bezahl.de to manage payments for their businesses.
Recently, bezahl.de extended beyond mobility sales into service and after-sales by introducing its first digital installments solution.
PayPal Ventures investor Alexandros Bottenbruch said: “NX Technologies has created an industry-leading holistic payments management solution that addresses the divide between today’s digitised showrooms full of smart, connected vehicles, and the inefficient, manual back-office processes that can cost automotive dealers up to two-thirds of their margin.”
NX Technologies aims to utilise the capital to bolster its market position in Germany.
Besides, the German fintech company plans to expand into new European markets and grow its platform with the new financing.
Furthermore, the company will use the funds to further develop its platform and expand into embedded finance, with products including automotive loans and insurance.
NX Technologies CEO and co-founder Lasse Diener said: “Our payment management platform bezahl.de has created a new standard for payment management in the auto industry, and I am proud of the entire NXT team for the dedication and hard work that has allowed us to reach this exciting milestone.”