Aussie paytech Till Payments has reportedly laid off 120 staff – around 40% of its workforce – as part of a wider reorganisation which has also seen the firm appoint three new board members.
According to Australian Financial Review, workers in the UK, North America, Australia and New Zealand were told high inflation and tough global economic conditions were to blame for the job cuts.
In a statement, Till Payments CEO Shadi Haddad says: “Despite our significant successes, we aren’t immune to the headwinds of the global inflationary pressure and economic contraction.
“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.
“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,” Haddad adds.
Three new independent directors – Matt Davey, Theo Koundouris and Jerry Yohananov – have now joined the firm, AFR reports, with an eye to take the company public in the near future.
The firm is currently raising capital following an $80 million Series C in October which valued the firm at $350 million (AUD 500 million), AFR reports.