Australian payments processor Till Payments is shedding 40% of its workforce, joining the long line of fintechs which have been forced to cut staff in the wake of over-ambitious quick-scale growth strategies.
The job cuts, reported by the Australian Financial Review, will hit 120 staff in the UK, North America and Australia.
The firm has pointed to high inflation and tough global economic conditions for the downsizing.
In a statement, Till Payments CEO Shadi Haddad told AFR: “We aren’t immune to the headwinds of the global inflationary pressure and economic contraction. We have needed to take decisive action to mitigate these headwinds and align our strategy to a more sustainable growth model for the longevity and success of our business.
“In line with our three-year plan, and in response to pandemic-fuelled activity, we have been over investing in expansion and driving phenomenal growth, which I take full responsibility for."
The company is currently raising capital following an $80 million Series C in October which valued the firm at $350 million, AFR reports.
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