Traded as Tyro Headquarters Sydney Type of business Unlisted public company | Area served Australia Founded 2003 | |
 | ||
Industry Technology, Financial Services Key people Kerry Roxburgh (Chairman), Gerd Schenkel (CEO), Jost Stollmann (Executive Director), Products Merchant acquiring, Deposits, Cashflow lending Revenue $96m in FY16, $59m in H1 FY17 CEO Gerd Schenkel (24 Oct 2016–) | ||
Tyro Payments Limited is an Australian financial "fintech" institution specialising in merchant credit, debit and EFTPOS acquiring.
Contents
- Setting up tyro payments
- History
- Growth
- Strategy
- Innovation
- New CEO Executive team
- Awards
- Board of Directors
- References
Setting up tyro payments
History
Tyro was founded in 2003 by Peter Haig, Andrew Rothwell and Paul Wood as MoneySwitch Ltd. Tyro was the first new entrant into the Australian EFTPOS business since 1996. It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence after GE Capital.
In 2015, Tyro was granted a "banking license", ie became an "Authorised Deposit taking Institution (ADI)".
Growth
In 2012, Tyro exceeded $3.5b of card transaction volume.
On 1 March 2016, Tyro completed an equity capital raising of $100,127,532.00 at a price per share of $1.0361 led by Tiger Global, TDM Asset Management, and Atlassian co-founder Mike Cannon-Brookes.
In Financial Year 2016, Tyro grew to $8.6b of transaction volume, a growth of 26% compared to the prior year.
In the first half of Financial Year 2017, Tyro processed $5.3b in payments, a growth rate of 23%, and generated revenue of $59m, a growth of 28%. Tyro's employee base grew by 40% to 344 people.
In February 2017, Tyro announced a partnership with Afterpay.
Strategy
Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises (SMEs).
As part of that, Tyro is lobbying for a more open data exchange in the traditional banking industry.
Tyro is a regular contributor to the national discussion of financial services regulation and it participates on the Prime Minister's advisory panel.
Innovation
In February 2017, Tyro became the first bank to implement payments via Siri.
New CEO & Executive team
In October 2016, Tyro announced Gerd Schenkel, founder of UBank and Telstra Digital, as its new CEO. In quick succession, Tyro also announced a new Product head, Kareem Al-Bassam (ex Paypal) and Marketing head, Natalie Dinsdale (ex UBank).
Awards
Tyro has been awarded "Deloitte Technology Fast 50" in 2012, 2013, and 2014; "Deloitte Fast 500 Asia Pacific" in 2012, 2013, 2014, and 2015; "BRW Fast 100" in 2010, 2011, 2012, and 2013.
In 2016 Tyro was named "43rd most innovative fintech in the world" by the KPMG H2 Fintech100 survey. Also in 2016, Tyro's founders won the "2016 NSW Pearcey Tech Entrepreneur of the year" award.
Board of Directors
Kerry Roxburgh, Chair; Chairman of Eclipx and Director of Ramsay Health
Mike Cannon-Brookes, founder of Atlassian
Rob Fergusson, previously CEO of Bankers Trust
Cathy Harris, chair of Harris Farm Markets
Paul Rickard
Jost Stollmann, founder of Compunet