- Aussie paytech Till Payments is set to be acquired by Canadian firm Nuvei for AUD 47 million ($30.5 million).
- A significant drop from its former valuation of AUD 500 million ($350 million) just seven months ago.
- Series D funding round of AUD 70 million ($46 million) preceded the acquisition, led by Silva Fortune.
- Earlier in 2023, Till Payments cut 40% of its workforce (120 jobs) citing global inflationary pressure and economic contraction.
- Founded in 2012, Till Payments attracted investments from Barrenjoey Capital Partners, Avenir Growth, Woodson Capital, and Akuna Capital.
- Despite investments, Till Payments reported an after-tax loss of AUD 141 million ($91.3 million) for FY’22.
- Nuvei plans to integrate Till Payments into its “modular, flexible, and scalable technology” after the acquisition.
- AFR reports that only Series D investors may have a chance of recouping their investment.
- Nuvei has not responded to FinTech Futures’ request for comment
