Tyro Payments
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Company type | Unlisted public company |
---|---|
Tyro | |
Industry | Technology, Financial Services |
Founded | February 2003 |
Headquarters | Sydney, Australia |
Area served | Australia |
Key people | Kerry Roxburgh (Chairman) |
Products | Merchant acquiring, Deposits, Cashflow lending |
Revenue | $96m in FY16,[1] $59m in H1 FY17[2] |
Website | www |
Tyro Payments Limited is an Australian financial "fintech" institution specialising in merchant credit, debit and EFTPOS acquiring.
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.[3] It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence[4] after GE Capital.
In 2015, Tyro was granted a "banking licence", ie became an "Authorised Deposit taking Institution (ADI)".[5]
Growth
![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4f/Tyrovolume.png/220px-Tyrovolume.png)
In 2012, Tyro exceeded $3.5b of card transaction volume.[6]
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.[7]
In Financial Year 2016, Tyro grew to $8.6b of transaction volume, a growth of 26% compared to the prior year.[8]
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.[9]
In February 2017, Tyro announced a partnership with Afterpay.[10]
Strategy
Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises (SMEs).[11][12][13][14]
As part of that, Tyro is lobbying for a more open data exchange in the traditional banking industry.[15]
Tyro is a regular contributor to the national discussion of financial services regulation[16][17][18] and it participates on the Prime Minister's advisory panel.[19]
On 1 April 2017, Tyro received the authority to call itself a "bank."[20]
Innovation
In February 2017, Tyro became the first bank to implement payments via Siri.[21]
New CEO
In October 2016, Tyro appointed Gerd Schenkel, founder of UBank and Telstra Digital as its new CEO. Gerd resigned in June 2017. In January 2018, Tyro appointed Robbie Cooke as CEO. Cooke was formerly managing director of Tatts Group [22]
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.[23]
In 2016 Tyro was named "43rd most innovative fintech in the world" by the KPMG H2 Fintech100 survey.[24] Also in 2016, Tyro's founders won the "2016 NSW Pearcey Tech Entrepreneur of the year" award.[25]
Board of directors
Kerry Roxburgh, Chair; Chairman of Eclipx and Director of Ramsay Health[26]
Mike Cannon-Brookes, co-founder of Atlassian[27]
Rob Fergusson, previously CEO of Bankers Trust[28]
Cathy Harris, chair of Harris Farm Markets[29]
Jost Stollmann, founder and CEO of CompuNet AG, CEO of GE Capital IT Systems, Europe and Tyro CEO from 2004-2016 - left the Board in December 2017.
References
- ^ https://tyro.com/content/uploads/2016/08/2016-Annual-Report.pdf
- ^ https://www.tyro.com/content/uploads/2017/03/Interim-Financial-Results-2017.pdf
- ^ http://fsi.gov.au/files/2014/04/Tyro_Payments_Ltd.pdf
- ^ "Pages - List of Authorised Deposit-taking Institutions". Apra.gov.au. Retrieved 26 November 2015.
- ^ http://www.apra.gov.au/adi/pages/adilist.aspx
- ^ http://www.startupsmart.com.au/advice/finance/independent-eftpos-provider-tyro-surpasses-35-billion-in-transactions/
- ^ https://tyro.com/corporate/
- ^ https://tyro.com/content/uploads/2016/08/2016-Annual-Report.pdf
- ^ https://www.tyro.com/content/uploads/2017/03/Interim-Financial-Results-2017.pdf
- ^ http://www.afr.com/technology/afterpay-and-tyro-announce-sme-payments-partnership-20170208-gu864j
- ^ http://www.investordaily.com.au/technology/39370-big-four-could-become-big-three-tyro
- ^ http://www.smh.com.au/business/banking-and-finance/tyros-jost-stollman-wants-to-the-beat-the-big-banks-at-small-lending-20151127-gl9r2u.html
- ^ http://www.itwire.com/strategy/74304-a-$7-billion-hit-on-smes,-economy-from-banking-%E2%80%98red-tape%E2%80%99-says-tyro.html
- ^ http://www.cio.com.au/article/599635/fintech-specialists-say-nextgen-banking-may-replace-big-four/
- ^ http://www.theaustralian.com.au/business/financial-services/tyros-new-boss-gerd-schenkel-says-fintech-revolution-mostly-hype/news-story/53f3531516350cd11c873718fe089f12
- ^ http://www.rba.gov.au/payments-and-infrastructure/submissions/standards-for-card-payments-systems/pdf/tyro-payments.pdf
- ^ http://www.rba.gov.au/payments-and-infrastructure/payments-system-regulation/past-regulatory-reviews/review-of-card-payment-systems-reforms/pdf/review-0708-pre-conclusions/tyro-25062008.pdf
- ^ http://www.rba.gov.au/payments-and-infrastructure/submissions/review-of-card-payments-regulation/tyro.pdf
- ^ http://www.theaustralian.com.au/business/turnbull-launches-fintech-expert-advisory-committee/news-story/88cbde95b25d1e634c6f169e2a8e2209
- ^ https://www.facebook.com/tyrolimited/posts/1289539204416754
- ^ http://www.businessinsider.com.au/tyro-now-lets-customers-make-payments-with-voice-commands-via-apple-siri-2017-2
- ^ http://www.afr.com/technology/tatts-robbie-cooke-to-join-new-bank-tyro-20180122-h0mflz
- ^ https://tyro.com/our-story/
- ^ https://h2.vc/reports/fintechinnovators/company/2016/tyro
- ^ https://pearcey.org.au/nsw/
- ^ https://tyro.com/our-team/
- ^ https://tyro.com/our-team/
- ^ https://tyro.com/our-team/
- ^ https://tyro.com/our-team/
- ^ https://tyro.com/our-team/