What Tyro’s Open Banking participation means for you
Tyro was one of only three Australian companies named in the top 50 of the recent Fintech 100 list of the world’s leading innovators for 2016.
Tyro (#43) was acknowledged by Fintech Innovators [a collaboration between fintech investment firm H2 Ventures and KPMG Fintech] as a game changer in the domestic market.
The 2016 Fintech 100 report included 50 “established” fintech companies across the globe, as well as the most intriguing 50 “emerging stars” — exciting new fintechs with bold, disruptive and potentially game-changing ideas.
To put the group in perspective, in terms of funding levels alone those on the list attracted an additional US$14.6b of capital since last year’s report.
Tyro Executive Director Jost Stollmann said the inclusion was as much about where the company was headed as its achievements to date.
“The company’s goal is to build the Tyro bank that is cloud based, integrated, totally mobile, and provides awesome frictionless banking solutions,” he said.
“Tyro spent 12 years establishing itself as a tech player and payment provider. Now we’re changing the game and taking it to a whole new level.
“We have the critical pre-requisites in place to deliver business banking to more than half-a-million Australian EFTPOS merchants who take credit, charge and debit card payments.
“We will deliver efficient banking. This is important because efficient banking and access to cashflow-based lending are the two ingredients which are critical to the success of SMEs.
“Tyro nextGen banking boosts their growth so that they can create the jobs, products and services that will underpin Australia’s prosperity in the digital century.”
The Fintech 100 list included 35 companies from the Americas, 28 from EMEA, 24 from the Asia-Pacific region, plus 13 from the UK.
Some of the key findings included:
- China fintech continued to dominate with four of the top five companies on the list.
- More global competition emerged with 17 countries represented in the top 50 established companies (up from 13 last year).
- New fintech subsectors emerged including regtech (regulatory technology), with nine companies on the list.
- Insurtech continued its ascent, with 12 companies, almost double last year’s total.
The top 10 companies (in order) were: Ant Financial (China); Qudian (China); Oscar (US); Lufax (China); ZhongAn (China); Atom Bank (UK); Kreditech (Germany); Avant (US); Sofi (US); JD Finance (China).