Till Payments, an Australian company that processes payments is cutting 40% of its staff. This is just the latest in a long line of fintech companies that have had to do this because they tried to grow too fast.
The Australian Financial Review said that 120 people in the UK, North America, and Australia would lose their jobs.
The company is cutting back because of high inflation and a challenging global economy.
Till Payments CEO Shadi Haddad told AFR in a statement, they aren’t immune to the headwinds of global inflationary pressure and economic contraction. To ensure their business would last and be successful, they had to take decisive steps to counteract these headwinds and align our strategy with a more sustainable growth model.
“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.”
AFR says that the company is trying to get more money after an $80 million Series C round in October, which puts the company’s value at $350 million.
