NX Technologies closes Series B financing of 22 million euros with lead investor PayPal Ventures

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NX Technologies closes Series B financing of 22 million euros with lead investor PayPal Ventures
  • The success of the digital automotive payment management platform bezahl.de has made NX Technologies one of the fastest growing European fintech companies in the mobility sector
  • The financing round is led by PayPal Ventures, with participation from Seaya Ventures, Walter Ventures and existing investor Motive Ventures
  • The capital will be used to further strengthen the company's market-leading position in Germany, expand into new European markets and expand the platform

The fintech company NX Technologies today announced the successful completion of its Series B financing of 22 million euros. The round was led by PayPal Ventures, the corporate venture arm of global payment and trading company PayPal. With its main product bezahl.de, Cologne-based fintech has established a new industry standard for payment management in the automotive sector. NX Technologies will use the capital to further strengthen its market-leading position in Germany, expand into new European markets and drive the growth of its platform. CFO Markus Wolf led the financing round on behalf of NX Technologies.

Lasse Diener, CEO and Co-Founder of NX Technologies, comments:

“We are delighted that we have successfully completed our Series B financing round. With bezahl.de, we have set a new standard for payment management in the automotive environment and I am proud of the entire NXT team, which has made it possible for us to achieve this milestone in the first place thanks to their great efforts. I am looking forward to taking our growth story to the next level together with our new and existing investors.”

bezahl.de enables its customers to process the entire claims process simply and easily, to significantly reduce the time period from ordering to receipt of payment and to minimize accounting and back office expenses. The platform offers customers of car dealerships and other mobility providers an improved, modern payment experience with numerous payment methods and integrated financing options. More than 70 percent of the top 100 car trade groups and over 1,000 car dealerships in Germany rely on bezahl.de to process their company's payment transactions. Original equipment manufacturers in the automotive industry (OEMs) are also increasingly relying on NX Technologies for direct sales of vehicles.

Alexandros Bottenbruch, investor at PayPal Ventures, says:

“NX Technologies has developed an industry-leading, holistic payment management solution that bridges the gap between today's digitized showrooms full of smart, connected vehicles and the inefficient, manual back-office processes that can cost automotive retailers up to two thirds of their margins. We believe NXT is well positioned to gain further market share across Europe and look forward to supporting the team on their journey.”

bezahl.de recently expanded from car sales to service and after-sales with the first digital installment payment solution. The company will use this new capital to further develop its digital platform and expand its embedded finance sector with products such as automotive loans and insurance.

Ulrich Schmidt, Co-Founder and Chief Product and Technology Officer of NX Technologies, adds:

“Becoming the market leader in Germany was our first milestone. We will now use the new funds to drive expansion in Europe and further develop our product range. One focus will be to enable automotive companies to offer their customers embedded finance products at the right touchpoints in the sales process.”

Aris Xenofontos, partner at Seaya, says:

“We were impressed by the transformation that NX Technologies brought about in a traditional and antiquated sector and how they consolidated the German market. As with all companies we support, we believe that NX Technologies can become the global market leader in its category. We are looking forward to supporting the team in their expansion efforts in Europe.”

Michael Hock, partner at Motive Ventures, adds:

“At Motive Ventures, we are excited to continue our journey with bezahl.de and build on the foundation of our previous investments. The company's strong growth and its clear vision for the European automotive landscape are exactly the reason why we have strengthened our commitment in this round. We are looking forward to the future and are proud to support the next phase of bezahl.de's expansion.”

About bezahl.de

NX Technologies GmbH is a FinTech and was founded in 2018 by Lasse Diener and Ulrich Schmidt with the mission to redefine payment management in the automotive industry. The Cologne-based company specializes in digital payment management with its main product “bezahl.de”. In this way, the company ensures simplified and automated processing of the entire receivables process in real time, making internal payment management more efficient and saving resources. At the same time, customers are offered a modern payment experience with numerous payment methods such as direct payment, PayPal or flexible installment options. NX Technologies maintains collaborations and partnerships with, among others, the Volkswagen and Audi Partner Association e.V., the Association of Mercedes-Benz Representatives e.V. and the automotive industry of BMW Vertragshändler mbH. The team of now more than 130 employees is optimising the bezahl.de Product continues to create a new standard for digital payment management in Europe.

For more information, see: www.bezahl.de

About PayPal Ventures

PayPal Ventures is PayPal's global corporate venture arm. With the goal of financial return, we invest in six areas that are of high strategic relevance to PayPal, including fintech, payments, commerce enablement, artificial intelligence, blockchain & cryptocurrency, and regulatory/cyber technology. Through the expertise, experience, and extensive network of PayPal Ventures — and the companies we invest in — we help bring transformative solutions to market faster.

For more information, see: www.paypal.vc About Seaya Ventures

Seaya is a leading European and Latin American venture capital fund with offices in Madrid and Mexico City that invests in exceptional entrepreneurs who build global technology companies. Seaya raised its first financing in 2013 and currently manages over 600 million EUR in five early-stage venture funds. Seaya accelerates the growth of start-ups by using the founders' strategic vision and providing them with Seaya's global platform, its extensive network of founders, investors and multinational companies, and its full experience with the global expansion of companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Spotahome, Clarity AI, Clicars, Alma, and RatedPower.

About Walter Ventures

Walter Ventures is a venture capital firm focused on Europe and part of the Canadian asset management company Walter Group. With offices in Germany and Spain, Walter Ventures supports visionary founders in the area of enterprise software to sustainably change established industries and offers comprehensive support and access to a wide range of companies and individuals in Europe and North America.

For more information, see: www.waltervc.com

About Motive Ventures

Motive Ventures is the early-stage investment arm of Motive Partners, focused on financial technology investments from the pre-start-up phase to Series A in North America and Europe. Motive Ventures is backed by globally recognized tech entrepreneurs, industry veterans, and leading institutions and venture capitalists. Today, the team consists of 15 employees in Berlin, London and New York. Motive Ventures has invested in over 24 portfolio companies to date.

For more information, see: www.motivepartners.com

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