Australian paytech company Till Payments has reportedly laid off 120 employees, about 40% of its workforce, as part of a major restructuring that has also seen the company appoint three new board members. Employees in the UK, North America, Australia and New Zealand were told that high inflation and challenging global economic conditions were responsible for the job cuts.
The company is currently raising capital following an $80 million Series C in October that valued the company at $350 million (A$500 million), AFR reports.
Till Payments CEO Shadi Haddad said, “Despite our significant achievements, we are not immune to the headwinds of global inflationary pressures and economic contraction.”
“Unfortunately, in this instance, we have had to take decisive action to mitigate these headwinds and refocus our strategy on a more sustainable growth model to ensure the longevity and success of our business.”
“In line with our three-year plan and response to pandemic-related activity, we over-invested in expansion and achieved phenomenal growth, for which I take full responsibility,” added Haddad.