Tyro Payments Secures $100 Million In Funding
Tyro Payments Limited (“Tyro” or the “company”), Australia’s business-only bank and EFTPOS provider, announced today it has raised $100 million from Tiger Global Management in New York, TDM Asset Management in Sydney and Australian technology entrepreneur Mike Cannon-Brookes to fund the next stage of its ambitious growth strategy.
Tyro will use the new funds to accelerate its growth initiatives and new product development to provide innovative payment and banking solutions to its customers.
Tyro serves more than 14,000 businesses in Australia and processes over $8 billion annually in transactions through its internally developed, cloud based platform. Tyro’s platform seamlessly integrates with its customers’ business systems providing a fast, reliable, easy-to-use payment solution.
In August this year, Tyro became the first Australian technology company to be granted a banking licence by the Australian Prudential Regulatory Authority, allowing it to accept deposits and to advance money to Australian businesses.
Highlights of the 2015 financial year include:
- Gross revenue grew 38% to $72.4 million, a CAGR of 38% over the past 5 years;
- Total staff count increased by 94 people, or 74%, to 221 with engineering, testing and operations increasing to a total of 121; and
- Tyro opened the Tyro Fintech Hub where like-minded entrepreneurs can interact and co-develop open APIs.
Tyro CEO Jost Stollmann said today’s $100 million capital injection from three leading global investors combined with Tyro’s cloud based banking platform sets
Tyro up well for the next stage of growth.
“Tyro is coming together with Australia’s 2.1 million small and medium sized businesses, software and fintech companies to build a new ecosystem that is disrupting the established banks by offering better products and experiences,” Mr Stollmann said.
“SMEs are essential to productivity growth and job creation in our economy. We want to build a new banking ecosystem that allows SMEs in whatever business – be it retail shops, pharmacies, medical practices, restaurants, pubs or hotels – to compete better.”
TDM Asset Management Partner Hamish Corlett said, “TDM is delighted to invest in Tyro because of its enormous growth potential, unique product offering, proprietary software capability and innovative culture. We are excited to be backing a management team that is passionate about providing better payment and banking solutions to Australian SMEs.”
As part of the capital injection, experienced retail businesswoman Catherine Harris will join Tyro as an independent non-executive director from 17 December 2015.
Ms Harris is a highly accomplished director with extensive retail experience as Chair of Australia’s largest independent produce retailer, Harris Farm Markets.
She is also a Commissioner of the Australian Rugby League and Director of UNSW School of Business Council, Governor of the University of Notre Dame and the Sport Australia Hall of Fame.
Tyro Chairman Kerry Roxburgh welcomed Ms Harris’ appointment, saying she would bring new skills and perspectives to the Board.
“Catherine Harris is one of Australia’s most astute business figures, who will bring enormous insight into the dynamics that drive a successful retail business,” Mr Roxburgh said.
“Tyro has ambitious growth plans to be the natural home for Australia’s 2.1 million small and medium sized businesses, and Catherine Harris will help drive that strategic oversight.”
Since its establishment 12 years ago, Tyro has built up a team of 150 software engineers to develop and launch new banking products.
Over the next three years, it plans to triple the number of software engineers to 450, with the aim of shaking up the Australian banking industry further, with a suite of new digital products that will save businesses time and money.
“Tyro is poised for breakout growth, driven by innovation and commitment to fair and transparent banking,” Mr Stollmann said.
“We will transform banking for SMEs and provide them with frictionless solutions tailored to their needs, so that they can concentrate on growing their business.
”We make no apology for attracting some of Australia’s top software engineers, attracted by our creativity, agility and ability to transform the country’s banking system.
“It is an exciting time.”
For more information please visit www.tyro.com.