Car payments fintech NX Technologies raises €11 million in Series A funding round
Cologne-based fintech NX Technologies, which offers the payment management platform bezahl.de and specializes in digital payment processes for the automotive industry, has closed a Series A funding round of 11 million euros.
Motive Partners, through its Motive Ventures fund, acted as lead investor. In addition, family offices and business angels, including Rolf Christof Dienst with Wessel Management and Ingo Weber with Carcharodon Capital, have invested in the Cologne-based startup.
Michael Hock, Head of Portfolio Management at Motive Ventures, commented: “The impressive growth since the seed round, combined with the team’s strong payments knowledge and deep industry expertise, are reasons why bezahl.de was able to raise such a significant Series A- round, despite the current market environment. We are confident that the company has a bright future ahead, not least because of the expansion of their product offering into a broad embedded finance package.”
The core product of NX Technologies is bezahl.de, which automates, digitizes and simplifies the entire receivables process from payment request to bookkeeping in the financial accounting system. Based on its holistic and vertical solution approach, the platform already sets an industry standard with a market share of around 60% among the 100 largest car dealer groups. The financing round consolidates NX Technologies’ position as the largest provider of modern payment processing in the German automotive market, which generates annual revenues of almost 200 billion euros.
Despite a difficult market environment, the past year was a successful one for NX Technologies. By the end of 2022, the company had grown from 60 to more than 100 employees, and over 4 billion euros in transaction volume was processed through the payment management platform bezahl.de. In addition, fintech has expanded its built-in financial offerings with features such as “Buy Now, Pay Later”.
“We take this opportunity to thank our first-class investors for their support and trust. Today’s challenges bring the need for digitization of internal processes in the car trade into focus. This fund will enable us to create a new standard for automated payment management in the European car market and aims to expand embedded finance capabilities,” says Lasse Diener, CEO and co-founder of NX Technologies.
In addition to hiring new employees, NX Technologies is using the funds from the funding round primarily to expand its bezahl.de platform by integrating additional embedded finance solutions. Furthermore, the company is preparing to expand to other regions.
