Summary: We initiate rating coverage of Nitrobox in the Agile Billing market with an MGI 360 score of 42 and a NEUTRAL analyst outlook. Nitrobox was founded in 2016 in Hamburg, Germany as a spin-off from an e-commerce consulting business. The ideal customer is launching a new product or service and seeking a software partner willing to prototype and deliver a modern, consumer-oriented subscription experience. The company gained traction with several global enterprises looking for a fresh approach to billing for newly created business models. The functional footprint is expanding as resources and its customer base grows. Nitrobox has 30+ customers, including several German automotive manufacturers, e-charging networks, and banks needing an invoicing capability beyond an account statement. Implementations are done via a handful of European and mid-tier German integrators. The offering is aimed at product and finance teams needing a billing tool to support new/experimental business offerings. The company has raised several million euros from Porsche Ventures, a business angel, and NeueCapital.
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Competitors: Chargebee, Maxio, Stax Bill, Zuora