- NX Technologies, a fintech based in Cologne, Germany, has raised $24 million in a Series B funding round led by PayPal Ventures, the corporate venture arm of PayPal.
- The company’s flagship product, bezahl.de, is a payment management platform tailored for the automotive industry, currently serving over 1,000 car dealerships across Germany.
- bezahl.de automates and digitizes the entire receivables process for car dealerships, from invoicing and payment to accounting, providing various payment methods and embedded financing options for customers.
- The funding will be utilized to enhance NX Technologies’ product suite, strengthen its market presence in Germany, and expand into new European markets.
- Ulrich Schmidt, the co-founder and chief product and technology officer at NX Technologies, highlights the company’s focus on enabling automotive players to offer embedded finance products to customers at key touchpoints during the sales process.
- PayPal Ventures’ investment in NX Technologies adds to its portfolio of fintech companies, including Codat and Concerto in the US, and Tabby in Dubai.
