TLDR:
- NX Technologies, an automotive payments firm, has raised $24m in a Series B investment led by PayPal Ventures.
- The company plans to expand its digital payment management platform, bezahl.de, in the German and European markets.
NX Technologies, a German-based automotive payments firm, recently secured $24m in a Series B investment round led by PayPal Ventures. The company’s digital payment management platform, bezahl.de, is at the forefront of transforming automotive payments. This funding will allow NX Technologies to solidify its presence in the German market and expand into other European markets.
The company is focusing on enhancing bezahl.de to enable automotive enterprises to seamlessly integrate embedded finance products into their customer interactions. This innovation aims to streamline payment methods and improve the overall payment experience for customers. By managing the entire receivables process efficiently, NX Technologies is reducing the order-to-cash timeline and minimizing reliance on traditional accounting processes.
With over 70% of the top 100 automotive retail groups in Germany and more than 1,000 car dealerships utilizing its platform, NX Technologies is bridging the gap between modern digital showrooms and outdated manual processes. Investor Alexandros Bottenbruch from PayPal Ventures commended NX Technologies for its payment management solution, emphasizing its potential to reduce margin loss for dealers. PayPal Ventures is committed to supporting NX Technologies in its growth across Europe.
