Sydney business payments fintech Till Payments has raised $70 million in a Series D, after shedding 40% of its staff earlier this year.
The company cut 120 jobs at the start of 2023 amid a 5-month hunt for capital 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 the economic downturn,” co-founder and CEO Shadi Haddad said of the layoffs at the time.
US-based Australian expat 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 two months later in November, $15 million in a top-up round. Till has now raised $230 million.
Its backers include ASX-listed Touch Ventures, Avenir Growth, Woodson Capita Akuna Capital and long-term backer Regal Funds Management.
Haddad said he is grateful for the latest support from investors, which is now accelerating profitability,
The all-in-one payment platform saw a 300% increase in transaction volumes in the last 12 months, as well as a 200% increase in its merchant base. More than 200 million payments were processed by Till in 2022.
Launched in New Zealand last year, Till is now set to launch its new core procurement platform, which gives Till direct access to payment networks globally. It has also added Australian Payments Plus (EFTPOS), AliPay and WeChatPay to its network of payment instruments.
Board member and investor Matt Davey said Until existing investors have shown their confidence in our plans for the company amid a “renewed and prudent approach” to governance.
“We look forward to delivering strong organic growth underpinned by a disciplined approach to operations. Our technology is world-class and a credit to our innovative and dedicated team members, and we expect to continue to delight both current and future customers,” he said
Theo Koundouris said the company continues to innovate and disrupt the payments industry.
“As a long-time investor and customer of Till Payments, we have seen the company’s unwavering commitment to its merchants and to delivering exceptional payment products and services,” he said.
“Till is a dynamic and forward-looking company that paves the way for new and exciting payment products and services.”
