The Tyro Blog

1 December 2015 - 2 min read


SME thank-you for Tyro’s move into banking

Yesterday’s plaudits from the Australian Financial Review (“New bank Tyro aims to finance small business”) and the Sydney Morning Herald (“Tyro’s Jost Stollmann wants to beat the big banks at small lending”) were good, but let me thank the people who really matter.

Are you one of the 14,000 small-to-medium (and some bigger) businesses that has entrusted Tyro with your EFTPOS business? Well, let’s start with a big thank-you from the entire Tyro team.

We would not have survived the battle with the big banks and forced our entry into the banking system without your trust and support. I do not say this lightly, because I appreciate that it is not obvious to give the only new entrant and still relatively unknown brand Tyro a go as you have done.

Whether you are a practitioner, practice manager, pharmacist, veterinary, restaurant, pub or store owner, car dealer or in one of the many other businesses, it is you who makes all the difference for Tyro and the country.

It is not the big miners, major banks and dominant retailers that will lead the way into Australia’s future. It is you, the SMEs, startups and entrepreneurs who create the jobs, the products and services of the future.

We think that banks should be there to support you and provide you with fair and transparent banking and with the funds to grow. Tyro wants to be that bank.

In August the Australian Prudential Regulator granted for the first time in living memory a general bank licence to a technology company, Tyro. In October we launched an in-house developed core banking platform which is cloud-based, totally integrated and mobile. Yesterday we announced $100 million in capital raised from Tiger Global Management in New York, TDM Asset Management in Sydney and Australian technology entrepreneur Mike Cannon-Brookes, which represent the funds for the next stage of our ambitious growth strategy.

Tyro will transform banking for SMEs providing them with frictionless solutions tailored to their needs, so that they can concentrate on growing their business. Rome was not built in a day. So watch the space and be one of the first to benefit. Sign up here here to stay up to date.