FinTech NX Technologies bags $24m from PayPal Ventures

By Gloria Methri

NX Technologies, a FinTech company that operates the automotive payment management platform bezahl.de, has raised €22 million in Series B funding led by PayPal Ventures. With its core product bezahl.de, the Cologne-based FinTech streamlines payment management in the automotive sector.

NX Technologies plans to use the funding to strengthen its market position in Germany, expand into new markets across Europe, and accelerate the growth of its platform. Markus Wolf, CFO at NX Technologies, led the financing round on behalf of the FinTech.

Lasse Diener, CEO and Co-Founder of NX Technologies, said, “We are thrilled to have successfully closed our series B financing round. Our payment management platform bezahl.de has created a new standard for payment management in the auto industry. I am proud of the entire NXT team for the dedication and hard work that has allowed us to reach this exciting milestone. I look forward to our continued future growth alongside our new and existing investors.”

bezahl.de allows its customers to handle the entire receivables process in a simple and straightforward way, shortening the order-to-cash timeframe and minimizing accounting and back-office resources. The platform offers an improved, modern payment experience for customers of dealerships and other automotive providers, with numerous payment methods and embedded financing options.

The majority of the top automotive retail groups and over 1,000 car dealerships in Germany rely on bezahl.de to manage payments for their businesses. Automotive Original Equipment Manufacturers (OEMs) also rely on NX Technologies for direct-to-consumer car sales.

Alexandros Bottenbruch, Investor with PayPal Ventures, said, “NX Technologies has created an industry-leading holistic payments management solution that addresses the divide between today’s digitized 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. We believe that they are well positioned to capture additional market share throughout Europe, and we are excited to be supporting the team on their journey.”

bezahl.de recently expanded beyond mobility sales into service and after-sales with the launch of its first digital installments solution. The company will use the fresh capital to develop its digital platform further and expand into embedded finance, with products including automotive loans and insurance.