“Banking is ripe for disruption” and it’s the innovations in payment, banking and lending solutions that will provide the much-needed kick, Tyro CEO Jost Stollmann told Switzer TV on Sky News recently.

Stollmann (pictured) was his usual fiery self when discussing big banks’ oligopoly in this country which he said generated those players a multi-billion dollar net profit pool to which every Australian contributed an average of $1500 “for the pleasure”.

He said Tyro is doing its part to disrupt but “we needed lots of Tyros” which was the reason behind the establishment of the Tyro Fintech Hub. Stollmann said innovation was the “only game in town” and that our “best and brightest” needed to join the tech revolution if Australia was to live up to its promise as the go-to fintech hotspot of Asia.

Watch the full interview here.

Learn more about how Tyro is moving beyond EFTPOS to building a complete mobile banking solution which integrates EFTPOS, payments, deposits, loans, and accounting here.