NX Technologies, an automative payments firm, has secured approximately $24m in a recent Series B investment.

According to PYMNTS, this impressive round was spearheaded by PayPal Ventures, marking a major vote of confidence in NX Technologies’ vision and capabilities. The company, headquartered in Germany, is at the forefront of transforming automotive payments through its cutting-edge digital payment management platform, bezahl.de.

The funding will be instrumental for NX Technologies as it seeks to consolidate its stronghold within the German market. Moreover, the company has set its sights on broader horizons, planning to penetrate new markets across Europe. This expansion is not merely geographical; it involves substantial enhancements to bezahl.de. Ulrich Schmidt, co-founder and chief product and technology officer, outlined ambitious plans for the platform. The focus will be on enabling automotive enterprises to weave embedded finance products seamlessly into their customer interactions throughout the sales journey.

At its core, NX Technologies is revolutionising the payment landscape for the automotive industry. Its platform is ingeniously designed to offer a plethora of payment methods and embedded financing solutions. Such innovations are redefining the payment experience, making it more seamless and integrated for customers. Beyond simplifying transactions, the platform is adept at managing the entire receivables process. This efficiency significantly reduces the order-to-cash timeline and curtails the dependency on traditional accounting and back-office operations.

The company’s prowess and impact are already evident, with over 70% of the top 100 automotive retail groups in Germany leveraging its platform, alongside more than 1,000 car dealerships. This extensive adoption underscores NX Technologies’ pivotal role in bridging the gap between modern, digitized showrooms and the outdated, manual processes that erode dealers’ profits.

Investor Alexandros Bottenbruch from PayPal Ventures lauded NX Technologies for its comprehensive payment management solution. He highlighted the platform’s potential to mitigate the margin loss faced by dealers due to inefficient processes. Bottenbruch expressed enthusiasm for the company’s growth prospects in Europe, emphasizing PayPal Ventures’ commitment to supporting NX Technologies on its journey.

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