When someone of Gerd Schenkel’s talent becomes available you grab the opportunity with both hands. Joining the team as the new CEO, he is the last piece we need to deliver Australia’s nextGen banking.

I am delighted to announce the appointment of Gerd as Tyro’s new CEO, effective October 24.

The decision follows my proposed new leadership structure to the Board to accommodate Tyro’s ambitious growth plans and our strong public advocacy role.

Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new CEO is the last piece we need to deliver very strong growth in the years ahead.

As full-time Executive Director I will continue to raise Tyro’s profile in Australia, while supporting Gerd in his role as CEO. As the company’s largest shareholder and as a Board member, I will continue to define Tyro’s strategic direction.

Gerd has more than 17 years’ experience in Australian banking and technology related businesses. He founded Australia’s first home-grown digital deposit and mortgage bank, UBank, in 2008 which now has around $20 billion in customer balances.

Most recently, as Executive Director and founder of Telstra Digital, he grew this new channel to 500 million customer contacts per annum. He is fascinated by this unique opportunity to build a new kind of organisation with the entire Tyro team, deliver frictionless banking and access to capital for Australia’s SMEs and growth companies.

“I am excited about the opportunity to lead Tyro as we continue to build Australia’s newest bank,” Gerd said. “Tyro is a new kind of company with a uniquely attractive culture, it’s a technology company that happens to be a bank, not the other way around.

“Australia needs a viable and strong banking sector which is customer centric and technology literate, a Tyro delivering fair, transparent and smart banking.”

Tyro’s growth and achievements to date have been remarkable. Currently serving more than 16,000 small businesses, Tyro processed $8.6 billion of transactions and generated more than $95 million in revenue in FY16.

I am delighted that Tyro’s Chairman Kerry Roxburgh and the Board endorsed my choice after an exhaustive selection process involving an independent search firm.

“Jost Stollmann’s decade managing Tyro has been outstanding, culminating in the company’s strong 2016 financial results,” Kerry Roxburgh said.

“The Board is delighted Jost will continue as full-time Executive Director and Board member, helping achieve the company’s ambitious growth plans, while fighting for Australian SMEs and inspiring the Australian spirit of entrepreneurship.

“We are similarly impressed by Gerd Schenkel’s experience and industry knowledge, and regard his appointment as a coup for Tyro.”