Until Payments Raises $70 Million After Laying Off 40%

In a Series D funding round, the Australian company PayTech Till Payments got $70 million, just two months after laying off 40% of its staff.

Till, which lets stores take payments from all popular and new payment methods. The last time the company raised money was in October 2021, when it got $80 million and was valued at $350 million. The money was supposed to be used to grow the business around the world, but high inflation and a tough economy forced the company to pull back. They recently laid off 120 people in the UK, North America, and Australia.

Since then, the company has changed its strategy to focus more on long-term growth and making money quickly.

“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”.

In the past 12 months, the company has seen a 300% increase in the number of transactions and a 200% increase in the number of merchants who use it. It is also about to launch a new Core Acquiring Platform, allowing Till direct access to the Payment Networks globally.