Tyro Payments Limited is an Australian financial "fintech" institution specialising in merchant credit, debit and EFTPOSacquiring.
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 licence after GE Capital. In 2015, Tyro was granted a "banking licence", ie became an "Authorised Deposit taking Institution ".
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. On 22 July 2019, the share price of Tyro Payments Ltd is down by 4.17%, after the payment processing provider published the new amounts of transactions.
Strategy
Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises. 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. On 1 April 2017, Tyro received the authority to call itself a "bank."
Innovation
In February 2017, Tyro became the first bank to implement payments via Siri.
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.
