Germany-based payment management platform NX Technologies has raised EUR 22 million in series B funding to augment its market position in Europe and product suite. NX Technologies, a fintech company that operates the automotive payment management platform bezahl.de, has raised EUR 22 million euros series B funding, led by PayPal Ventures, the corporate venture arm of global payments and commerce company PayPal.

With its core product bezahl.de, the Germany-based fintech has augmented 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. Streamlining automotive payments and financing bezahl.de allows its customers to handle the entire receivables process seamlessly, shortening the order-to-cash timeframe and minimising 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. Automotive retail groups and over car dealerships in Germany rely on bezahl.de to manage payments for their businesses. bezahl.de recently expanded beyond mobility sales into service and after-sales with the launch of its first digital instalments solution.

The company will use the fresh capital to further develop its digital platform and expand into embedded finance, with products including automotive loans and insurance. Officials from PayPal Ventures, said NX Technologies has created a holistic payments management solution that addresses the divide between modern, 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. They believe that they are well positioned to capture additional market share throughout Europe, and are happy to be supporting the team on their journey.

Also commenting on this achievement, executives from NX Technologies said they will use these new funds to expand into new markets across Europe and to further develop their suite of products, with a focus on enabling automotive players to offer embedded finance products to their customers at the right touchpoints throughout the sales process. .