Till Payments founder Shadi Haddad has stepped down as CEO in the wake of the fintech a $70 million raise, announced a fortnight ago.
The company has declined to comment on changes to its C-suite amid board changes, and job cuts, but Paul Kawtal, CEO of Sydney-based IT and telecommunications business Ethan Group, is reportedly preparing to step into the Till Payments role. Haddad will remain connected to the business 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 two months later in November, $15 million in a top up round. Till has now raised a total of $230 million.
Its backers include ASX-listed Touch Ventures, Avenir Growth, Woodson Capita Akuna Capital and long-term backer Regal Funds Management.
Till Payments shed 40% of its staff earlier this year, cutting 120 jobs and spent 5-month hunting for capital ahead of plans to list on the US NASDAQ later this year.
Ahead of the changes and raise, Till added US-based expat Australian Matt Davey, founder and CEO of Tekkorp Capital, to its board in January, along with with Supabarn MD Theo Koundouris and Ondeck CFO Jerry Yohananov.
Koundouris led the Series D through his investment firm Silva Fortune, supported by Davey and Tekkorp Capital
Announcing the raise earlier this month, Davey said: “Till’s existing investors have demonstrated their confidence in our plans for the company and our renewed and prudent approach to governance.”
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