Cologne-based fintech NX Technologies, which provides 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, served as the lead investor. Additionally, 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 of Motive Ventures, commented: “The impressive growth since the seed round, combined with the strong payment know-how and deep industry expertise of the team, are reasons that 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 merely due to the expansion of their product offering into a broad embedded finance suite.”
The core product of NX Technologies is bezahl.de, which automates, digitizes and simplifies the entire receivables process from payment request to posting 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 management 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 were processed through its payment management platform bezahl.de. Additionally, the fintech has expanded its embedded finance offerings with features like "Buy Now, Pay Later".
"Taking this opportunity, we would like to thank our first-class investors for their support and trust. The current challenges put the need for digitalization of internal processes in the automotive trade in focus. This fund will enable us to create a new standard for automated payment management in the European automotive market and target expanding embedded finance capabilities," says Lasse Diener, CEO & Co-Founder of NX Technologies.
In addition to hiring new employees, NX Technologies is using the funds from the financing round primarily to extend its bezahl.de platform by integrating further embedded finance solutions. Furthermore, the company is preparing to expand to other regions.