PublicSquare announces a $5.35 million PIPE investment, on top of a 35% workforce reduction #PublicSquare?has officially launched its #payments platform and announced a strategic plan to streamline its operations. Founded by?Michael Seifert, who serves as Chairman and CEO, the company is making bold moves to enhance its position in the market. PublicSquare has secured a?$5.35 million private investment in public equity (#PIPE), primarily from insiders, to fund the growth of its payments vertical and other general corporate purposes. This infusion of capital will support their ambitious goal of increasing annualized payments processing Gross Merchandise Value (GMV) to over?$700 million, with an aim to reach?$1 billion?by the Christmas shopping season. In a strategic shift, the company is reducing its staff by over?35%?to adopt a leaner, headcount-light tech software business model. This move is expected to lower cash burn and accelerate the path to profitability. PublicSquare is also planning significant modifications to its marketplace to align with its #fintech goals, including fine-tuning merchant curation and launching an affiliate fee-based offering in 2025. The article on Finextra in the first comment.
The article on #finextra: https://www.finextra.com/pressarticle/102931/publicsquare-raises-capital-cuts-headcount-by-35
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