Sydney business payments fintech Till Payments has raised $70 million in a Series D after cutting 40% of its workforce earlier this year.
The company laid off 120 employees in early 2023 amid a 5-month capital hunt ahead of plans to list on the US NASDAQ later this year.
“Despite our significant successes, we are not immune to the headwinds of global inflationary pressures and economic contraction,” co-founder and CEO Shadi Haddad said of the layoffs at the time.
US-based expat Australian Matt Davey, founder and CEO of Tekkorp Capital, joined the Till board with Supabarn MD and Silva Fortune director Theo Koundouris and Ondeck CFO Jerry Yohananov in January.
Silva Fortune led the raise, with Davey also a key investor.
The fintech previously raised $110 million in a Series C in late 2021, then $15 million in a round-up two months later in November. Till has now raised a total of $230 million.
The lenders include ASX-listed Touch Ventures, Avenir Growth, Woodson Capita Akuna Capital and long-term lender Regal Funds Management.
Haddad said he is grateful for the latest backing from investors, which is now quickly profitable,
The all-in-one payment platform saw a 300% increase in transaction volumes and a 200% increase in the number of merchants over the past 12 months. In 2022, more than 200 million payments were processed by Till.
Till launched in New Zealand last year and is now on the verge of launching its new core acquisition platform, giving Till direct access to the payment networks worldwide. It also added Australian Payments Plus (EFTPOS), AliPay and WeChatPay to its network of payment instruments.
Board member and investor Matt Davey said Till’s existing investors have shown confidence in our plans for the company amid a “renewed and prudent approach” to governance.
“We look forward to delivering strong organic growth supported by a disciplined approach to business. Our world-class technology is an asset to our innovative and dedicated team members and we expect to satisfy both current and future customers,” he said.
Theo Koundouris said the company continues to innovate and disrupt the payments industry.
“As a longtime investor and customer of Till Payments, we have seen firsthand the unwavering commitment the company has to its merchants and to providing exceptional payment products and services,” he said.
“Till is a dynamic and progressive company that is pioneering new and exciting payment products and services.”