Germany’s NX Technologies lands $24m in Series B round led by PayPal Ventures
Cologne-based fintech start-up NX Technologies has raised $24 million in a Series B funding round led by PayPal Ventures, the corporate venture arm of global payments giant PayPal.
NX Technologies bags $24m investment
NX Technologies’ core product offering, bezahl.de, is a payment management platform for the automotive industry, which the fintech claims is currently used by over 1,000 car dealerships across Germany.
The platform enables car dealerships to automate and digitise the entire receivables process, from invoicing and payment through to accounting, allowing companies to free up back-office resources and offer customers “numerous payment methods and embedded financing options”.
The company plans to use the new funds from its latest round – which also featured participation from Walter Ventures, Seaya Ventures, and existing investor Motive Ventures – to further develop its suite of products, fortify its market presence in Germany, and expand into new European markets.
Ulrich Schmidt, co-founder and chief product and technology officer at NX Technologies, indicates that the company’s planned product development will see a “focus on enabling automotive players to offer embedded finance products to their customers at the right touchpoints throughout the sales process”.
NX Technologies becomes the latest fintech to secure the backing of PayPal Ventures, following on from the likes of US companies Codat and Concerto, as well as Dubai-based BNPL firm Tabby.
