A Cologne-based fintech start-up, NX Technologies, has raised $24 million in a Series B funding round led by PayPal Ventures.
Ulrich Schmidt, co-founder and chief product and technology officer at NX Technologies, confirmed the funding in a press release seen by News.ng on Tuesday.
News.ng gathered that Markus Wolf, CFO at NX Technologies, led the financing round on behalf of the fintech.
PayPal Ventures, the corporate venture arm of the global payments giant, was joined by Seaya Ventures, Walter Ventures and existing investor Motive Ventures in the funding round.
As per the announcement, NX Technologies’ platform allows dealerships and other automotive providers to offer several payment methods and integrated finance alternatives, consequently enhancing the payment experience for their clientele.
According to NX Technologies, the firm will utilise the funds to develop its digital payment management platform for the automobile industry and to improve its market position in Germany and other European markets.
The new product development will focus on “enabling automotive players to offer embedded finance products to their customers at the right touch points throughout the sales process,” Schmidt noted.
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 their dedication and hard work, which has allowed us to reach this exciting milestone.
“I look forward to our continued future growth alongside our new and existing investors.”
According to the statement, bezahl.de’s customers may manage the complete receivables process in an easy-to-understand manner, greatly reducing the order-to-cash timeline and back-office and accounting resources.
With various payment alternatives and integrated finance, the platform provides consumers of dealerships and other automobile providers with an enhanced, contemporary payment experience.
