Australian fintech darling Till Payments is set to be sold at a bargain basement price to Canadian fintech Nuvei, according to loca media rreports.
The Australian Financial Review says Till Payments is likely to be snapped for a meagre $50 million, way down on its one-time $500 million valuation.
Signs of trouble at the payment processor emerged at the start of the year, when Till layed off 120 staff, approximately 40% of its workforce.
Despite the warning signs, investors continued to pour money into the firm, which raised $70 million in a Series D round in March, just shy of the $80 million Series C raised in the boom times of 2021.
In July it picked up top-up funding of $15 million even as it continued to haemorrhage cash. It reported a loss of around A$140m in the year to June 2022. It had lost A$136m in the prior fiscal.
It's expected that company will be broken down into seperate parts and integrated with Nuvei's own payment stack. The Canadia fintech recently opened an office in China as part of an Apac expansion strategy that has seen it pick up acquiring licences in Australia, Singapore and Hong Kong.