NX Technologies, a fintech company that operates the automotive payment management platform bezahl.de, has announced that it has raised 22 million euros ($24,027,000) in 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 Cologne-based fintech has established a new industry standard for 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. Markus Wolf, CFO at NX Technologies, led the financing round on behalf of the fintech.

Lasse Diener, CEO and Co-Founder of NX Technologies, commented, “We are thrilled to have successfully closed our series B financing round. Our payment management platform bezahl.de has created a new standard for payment management in the auto industry, and I am proud of the entire NXT team for the dedication and hard work that has allowed us to reach this exciting milestone. I look forward to our continued future growth alongside our new and existing investors.”

bezahl.de allows its customers to handle the entire receivables process in a simple and straightforward way, significantly shortening the order-to-cash timeframe and minimizing 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. More than 70 percent of the top 100 automotive retail groups and over 1,000 car dealerships in Germany rely on bezahl.de to manage payments for their businesses. Automotive Original Equipment Manufacturers (OEMs) are also increasingly relying on NX Technologies for direct-to-consumer car sales.

Alexandros Bottenbruch, Investor with PayPal Ventures, said, “NX Technologies has created an industry-leading holistic payments management solution that addresses the divide between today’s digitized 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. We believe that they are well positioned to capture additional market share throughout Europe, and we’re excited to be supporting the team on their journey.” bezahl.de recently expanded beyond mobility sales into service and after-sales with the launch of its first digital installments 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.

Ulrich Schmidt, Co-Founder and Chief Product and Technology Officer of NX Technologies, added, “Becoming the market leader in Germany was our first milestone. Now, we will use these new funds to expand into new markets across Europe and to further develop our 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.”

Aris Xenofontos, Partner at Seaya, said: “We were impressed with the disruption that NX Technologies brought to a traditional and antiquated space and how they have consolidated the German market. As with all businesses we back, we believe NX Technologies can become category leaders. We are looking forward to support the team with their efforts to expand in Europe.”

Michael Hock, Partner at Motive Ventures, added: “At Motive Ventures, we are excited to continue our journey with bezahl.de, building on the strong foundation from our previous investments. The company’s strong growth and their clear vision for the European automotive landscape are precisely why we’ve reinforced our commitment in this round. We’re excited about the future and proud to support bezahl.de’s next phase of expansion.”