Sydney business payments fintech Till Payments has raised $70 million in a Series D, having shed 40% of its staff earlier this year.
The company cut 120 staff 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 aren’t immune to the headwinds of the global inflationary pressure and economic contraction,” cofounder and CEO Shadi Haddad said of the redundancies 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.
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 fast-tracking profitability,
The all-in-one payments platform saw an 300% increase in transaction volumes over 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.
Till launched in New Zealand last year and is now set to launch its new core acquiring platform, allowing Till direct access to the 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 Till’s existing investors have demonstrated their confidence in our plans for the company amid a “renewed and prudent approach” to governance.
“We look forward to delivering strong organic growth underwritten 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 payment industry.
“As a long-time investor and customer of Till Payments, we have seen firsthand the unwavering commitment the company has to its merchants and to delivering exceptional payment products and services,” he said.
“Till is a dynamic and forward-thinking company that is blazing a trail for new and exciting payment products and services.”