Sydney-based Till Payments has started 2023 by installing three new board members and sacking 120 staffers.
These redundancies come as the company attempts to bring in $70 million in a capital raise, and follow last year’s entry into the New Zealand market.
The redundancies make up around 40 per cent of staff.
“Despite our significant successes, we aren’t immune to the headwinds of the global inflationary pressure and economic contraction,” Shadi Haddad, co-founder and CEO of Till Payments, said in a statement.
“Unfortunately, in this instance, 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.”
The company processed over 200 million transactions in 2022.
“As part of this strategic shift focusing on immediate objectives for sustainable growth, achieving profitability and maintaining industry-leading customer service, we have had to restructure our business,” Haddad said.
“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.”
Matt Davey, Theo Koundouris and Jerry Yohananov have been appointed to the Till Payments board, with the company planning a Nasdaq listing this year.
