Till Payments founder Shadi Haddad has stepped down as CEO in the wake of the $70 million fintech raise announced two weeks ago.
The company has declined to comment on C-suite changes amid board changes and job cuts, but Paul Kawtal, CEO of Sydney-based IT and telecommunications company Ethan Group, is reportedly preparing to step into the Till Payments role. to step. Haddad will remain with the company as a director.
The changes come after the $70 million Series D, announced earlier this month, was made at a lower valuation for Till.
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.
Till Payments laid off 40% of its staff earlier this year, cut 120 jobs and spent 5 months chasing capital ahead of plans to list on the US NASDAQ later this year.
Anticipating the changes and raises, Till added US-based Australian expatriate Matt Davey, founder and CEO of Tekkorp Capital, to its board of directors in January, along with Supabarn MD Theo Koundouris and Ondeck CFO Jerry Yohananov.
Koundouris led the Series D through his investment firm Silva Fortune backed by Davey and Tekkorp Capital
Announcing the raise earlier this month, Davey said, “Till’s existing investors have shown confidence in our plans for the company and our renewed and prudent approach to governance.”
