Australian PayTech Till Payments has landed $70 million in a Series D funding round just two months after shedding 40% of its workforce.
Till, which enables merchants to accept payments from all mainstream and emerging payment methods. last raised funds in October 2021, in an $80 million round that valued the company at $350 million. The money was to be used for global expansion, but high inflation and tough economic conditions forced a retreat for the firm and the recent sacking of 120 staff in the UK, North America and Australia.
The company has since revised its strategy with a fresh focus on sustainable growth and fast-tracking profitability.
“Till’s existing investors have demonstrated their confidence in our plans for the company and our renewed and prudent approach to governance,” says non-executive director, Matt Davey. “We look forward to delivering strong organic growth underwritten by a disciplined approach to operations.
The company has reported a 300% increase in transaction volumes and a 200% increase in its merchant base over the past 12 months. It is also about to launch a new Core Acquiring Platform, allowing Till direct access to the Payment Networks globally.