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Nuvei reportedly snaps up Aussie paytech Till Payments for $30.5m

The amount is a far cry from the company’s former AUD 500 million ($350 million) valuation forecast only seven months ago, when it raised AUD 70 million ($46 million) in a Series D funding round led by Silva Fortune.

The Series D came just months after the company cut 120 jobs – or 40% of its total workforce – at the beginning of 2023 due to what CEO Shadi Haddad described as “global inflationary pressure and economic contraction”.

Since it was founded in 2012 by Haddad to provide payment capabilities to retailors, Till Payments has managed to attract a strong flow of investment, notably from Barrenjoey Capital Partners, Avenir Growth, Woodson Capital and Akuna Capital.

Yet despite this, AFR reports that the paytech quickly burnt through the capital, leading it to register an after-tax loss of AUD 141 million ($91.3 million) for FY’22.

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