Till Payments laid off a big chunk of its staff and cleaned out its board, but it has banked big funding and plans to refocus on profitability.
Australian fintech start-up Till Payments, which laid off a large part of its workforce less than three months ago and cleaned out its board, closed a $70 million funding round which it claims will see it through to profitability.
Alongside Mr Davey, Theo Koundouris the managing director of supermarket chain Supabarn also joined the board, with the chief financial officer of online business lending platform Ondeck, Jerry Yohananov.The funding round was led by Mr Koundouris’ investment firm Silva Fortune, and also included money from Tekkorp, according to Mr Davey. He spoke toTill Payments’ founder and CEO Shadi Haddad re-invested in the latest funding round.
“A huge part of what we have invested funds in previously was in our own technology platform, and that technology investment phase is basically complete. “From a customer-facing perspective, everyone’s super happy with the business and the technology,” Mr Davey said. “But then from an investment perspective, we also need a path to profitability.
“It’s exciting to be a part of Till Payments’ next phase of growth, as the company continues to innovate and disrupt the payment industry.”Mr Davey said he was in an independent director role at Till Payments, but was acting in a more “hands on” capacity during the transition phase of the company’s restructure.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Need for ‘large corporates’ to carry greater burden of tax paymentsIndependent MP Kylea Tink says companies, rather than individual taxpayers, should be targeted when it comes to future tax reform. Ms Tink says multinationals, including energy giants, are taking advantage of our tax system and paying little or no tax. She said increasing the headline company tax of 30 per cent should also be on the table.
Read more »
More than 4.7 million Aussies to receive cash boost this monthMore than 4.7 million Australians will receive a boost to their welfare payments this month to keep pace with rising inflation. auspol 7NEWS
Read more »
Ferraris, school fees: Ex-public servants netted $7.5 million in benefits, ICAC findsAs well as cash payments, extra benefits included luxury sports cars and payments for school fees, birthday parties and overseas travel, the watchdog found.
Read more »
NRL hands down hefty penalties for two sickening hits: ‘Car crash’Latrell Mitchell defied a knee ligament injury to guide the SSFCRABBITOHS to a first-up win over the cronullasharks. NRL 7NEWS
Read more »
Sydney to swelter through hottest day in two yearsThe week ahead is set to highlight Australia's weather extremes, with hot conditions in NSW and Queensland to start the week potentially followed by snow further south. 9News
Read more »
Two states brace for heatwave bringing fire risk not seen in yearsThe week ahead is set to highlight Australia's weather extremes, with hot conditions in NSW and Queensland to start the week potentially followed by snow further south. 9News
Read more »