NX Technologies, which offers a payment management platform and specialises in payment processes for the automotive industry, has secured €11m in a Series A raise.
The round was led by Motive Partners and saw participation from family offices and business angels, such as Rolf Christof Dienst with Wessel Management and Ingo Weber with Carcharodon Capital.
The core product of NX Technologies is bezahl.de, which automates, digitises 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.
In addition to hiring new employees, NX Technologies plans to use the capital 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.
NX Technologies CEO and co-founder Lasse Diener said, “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.
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