Australian payments company Till Payments has successfully closed an AUD 70 million ($46 million) Series D funding round led by Silva Fortune. The new capital raise follows the $80 million Series C in October, which valued the company at A$500 million ($350 million).
The Series D also comes just weeks after the company decided in January to lay off 120 employees – about 40% of its workforce – as part of a broader reorganization.
“Till’s existing investors have demonstrated their confidence in our plans for the company and our renewed and prudent approach to governance,” said Matt Davey, non-executive director, who joined the company in January as part of the reorganization.
Founded in 2012, Till Payments offers a data-driven end-to-end payments solution for online and brick-and-mortar businesses to hundreds of merchants in 12 countries.
In the past 12 months, the company has grown its transaction volume by 300% and its merchant base by 200%.
The company has also launched a new acquiring platform and added Australian Payments Plus (EFTPOS), AliPay and WeChatPay to its network.
Till Payments CEO Shadi Haddad says the company is “focused on sustainable growth and rapidly increasing profitability.”