Australia’s First Fintech Hub partners with Yodlee
Australia’s fintech startup companies can get free access to 12,000 global data sources from this month to help develop their business models and take on the world.
In a landmark alliance between Tyro Fintech Hub and leading US fintech company, Yodlee, entrepreneurs will be given valuable access to connect with financial data on cards, investments, loans, bills, and rewards from consumers’ and small business accounts.
Under the new agreement, Tyro Fintech Hub members will get free access to Yodlee’s Application Programming Interfaces (APIs), providing secure, flexible access to more than 12,000 global financial data sources.
These insights can then be converted into new online and mobile financial products and services.
Tyro Fintech Hub joins only six other global organisations, including Level 39, techUK and FINTECH Circle in the UK, Y-Combinator and Eaglewood Capital in the US, and Blue Chilli Incubator in Sydney to partner with Yodlee Interactive, an arm of Yodlee Incorporated (Nasdaq: YDLE), for its International Accelerator Program.
“This is an outstanding time to be involved in fintech, and we are thrilled to be part of the Yodlee International Accelerator Program,” the Head of the Tyro Fintech Hub Mr Andrew Corbett-Jones said.
“Startups traditionally face barriers in this space, but we put an emphasis on connecting fintech entrepreneurs with the right people, tools, and resources to best help them succeed.
“Tyro Fintech Hub’s strategic partnership with Yodlee Interactive means members can build fintech businesses that not only focus on the Australian marketplace, but can scale to go global from day one.”
Globally, fintech financing activity has grown from about $US100 million in 2008 to $US3 billion in 2013.
The finance and insurance sector is the largest industry in NSW, employing 180,000 people, and contributing $57 billion to the economy.
More than 13,000 people are currently studying IT in NSW alone.
Tyro Fintech Hub is Australia’s first dedicated space for fintech startups, which opened in February at 155 Clarence St, Sydney in a refurbished art deco building.
Its members aim to drive innovation and disruption in finance.
Tyro Fintech Hub has desks for 125 entrepreneurs, and features an event space, two board rooms, meetings rooms, a chill-out room, informal sitting areas, a communal kitchen and eating space, and a rooftop terrace.
Yodlee is one of the biggest financial data aggregators in the world and supplies bank feeds to Australian fintech customers including cloud accounting software Xero and Saasu, peer-to-peer lender SocietyOne, and personal financial management tool MoneyBrilliant.
Australia is quickly becoming an important part of Yodlee’s efforts around the world, and the Tyro Fintech Hub is proud to be a partner.
Heading the Tyro Fintech Hub is Mr Andrew Corbett-Jones, an entrepreneur himself, who has spent the better part of a decade advising and mentoring hundreds of Australian startups.
The space is being provided by one of Australia’s great fintech success stories, Tyro Payments, the country’s only independent – and fastest growing – EFTPOS provider.
In addition to the Yodlee Accelerator Program being run out of the Tyro Fintech Hub space, the company offers its banking access, experience and expertise to one company per quarter who may benefit from co-developing with Tyro.
Tyro takes no equity or fees to be part of this program. The only requirement is that the APIs must be open. Ideal candidates will have an experienced team, a product going to market and be well funded for their next phase to grow. For the next intake, applications for the co-development program closes June 1.