Till Payments is set to be sold in a cut price deal to Nuvei, reports the Australian Review’s Street Talk. At various times in the past three years, Till Payments has been valued at upwards of A$500m.
Founded in 2012, Till enables merchants to accept all types of payments through its single-source solutions.
Struggling payment processor Till Payments kicked off 2023 by laying off 120 employees, about 40% of staff. It had, reportedly, been eyeing up a possible listing in the US.
Till Payments: successful capital raising but losses rise
At the time, Shadi Haddad, co-founder and CEO of Till Payments, said in a statement: “Despite our significant successes, we aren’t immune to the headwinds of the global inflationary pressure and economic contraction.”
Nonetheless, its backers continued to invest in the company. In March this year, Till Payments raised A$70m ($46m) in a Series D funding round led by Silva Fortune. The firm said the investment would be used to fund its growth and fast-track profitability. The investment was also to fund a new core acquiring platform. This was designed to provide Till Payments with direct access to the global payment networks.
And the in July this year, Till Payments, announced a top up in excess of A$15m to its investment round. It was backed with support from strategic European investors and Touch Ventures – the Afterpay-backed venture capital firm. Touch Ventures injected A$5m to the top-up to support Till’s accelerated innovation agenda and its expansion into the US, the UK and New Zealand.
In 2022. Till reported a 300% increase in transaction volumes and a 200% increase in its merchant base.
In 2021, Till Payments raised around $80m in private capital as part of a Series C round.
As recently as last month, Till Payments released a new website featuring a refreshed brand identity.
Despite the optimism of management and successful funding rounds, Till Payments continued to haemorrhage cash. It reported a loss of around A$140m in the year to June 2022. While revenues rose, expenses grew at a faster rate. It had lost A$136m in the prior fiscal.
Nuvei has itself endured a challenging period. The Nuvei share price is down by 25% year-to-date. And since peaking in 2021, the share price is down by 80%.