Nuvei reportedly snaps up Aussie paytech Till Payments for $30.5m
Aussie paytech Till Payments is reportedly set to be acquired by Canadian payments processor Nuvei for AUD 47 million ($30.5 million), according to Australian Financial Review.
The amount is a far cry from the company’s former AUD 500 million ($350 million) valuation forecast only seven months ago, when it raised AUD 70 million ($46 million) in a Series D funding round led by Silva Fortune.
The Series D came just months after the company cut 120 jobs – or 40% of its total workforce – at the beginning of 2023 due to what CEO Shadi Haddad described as “global inflationary pressure and economic contraction”.
Since it was founded in 2012 by Haddad to provide payment capabilities to retailors, Till Payments has managed to attract a strong flow of investment, notably from Barrenjoey Capital Partners, Avenir Growth, Woodson Capital and Akuna Capital.
Yet despite this, AFR reports that the paytech quickly burnt through the capital, leading it to register an after-tax loss of AUD 141 million ($91.3 million) for FY’22.
With Montreal-headquartered Nuvei now throwing it a lifeline, it’s expected that Till Payments will be broken down for parts and integrated into what Nuvei describes as its “modular, flexible and scalable technology”.
As for those investors who previously helped raise the paytech’s value to AUD 500 million, sources at AFR claim that only Series D investors stand any chance of getting their money back.
Nuvei has yet to respond to FinTech Futures‘ request for comment.