NX Technologies, a prominent automotive digital payments management platform backed by PayPal Ventures, has successfully secured 22 million euros in a Series B funding round. This substantial investment is anticipated to strengthen the company’s position in the German market, facilitate expansion into new European markets, and further advance its innovative digital payment platform, bezahl.de.
As per a press release issued on Wednesday (March 20), the infusion of capital will play a pivotal role in propelling new product development aimed at enabling automotive players to seamlessly offer embedded finance products to their customers at various touchpoints throughout the sales process. Ulrich Schmidt, the co-founder and chief product and technology officer of NX Technologies, underscored the company’s dedication to enhancing the payment experience for automotive providers and their customers.
The state-of-the-art platform provided by NX Technologies empowers dealerships and other automotive providers to diversify their payment methods and integrate financing options, thereby enhancing the overall payment experience for their customers. Additionally, the platform streamlines the entire receivables process, reduces the order-to-cash timeframe, and minimises reliance on accounting and back-office resources.
In a recent development, the platform has been expanded to include a digital installments solution for the service and after-sales sectors, highlighting NX Technologies’ commitment to addressing the evolving needs of the automotive industry. Presently, the platform manages payments for over 70% of the top 100 automotive retail groups and more than 1,000 car dealerships in Germany, underscoring its widespread adoption and effectiveness.
Investor Alexandros Bottenbruch, representing PayPal Ventures, commended the innovative strides made by NX Technologies, lauding their comprehensive payments management solution that bridges the gap between digitized showrooms and outdated back-office processes. Bottenbruch expressed confidence in the company’s potential to capture additional market share throughout Europe, emphasizing the enthusiasm surrounding the collaboration with the NX Technologies team.
Amidst the momentum of digital transformation in the automotive industry, Mitsubishi Motors North America unveiled a groundbreaking digital retail program in February. The company’s partnership with automotive sales and finance technology firm AutoFi, as well as vehicle-centric consumer finance company Santander Consumer USA, aims to reduce vehicle purchasing time by an impressive 70%.
The remarkable launch of ClickShop 2.0 is poised to revolutionise the car-buying experience, reinforcing the company’s commitment to driving efficiency and convenience for customers. This latest advancement reflects the overarching trend towards digital innovation and seamless customer experiences in the automotive sector, setting the stage for a new era of consumer engagement and industry progress.
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