Another Australian Fintech Startup is on the Rise
As global financial technology firms crop up across the globe and compete with one another, Australia has added yet another highly valued company to its ranks.
Tyro Payments, out of Sydney, recorded a AU$100 million (US$72 million) funding round late last month to help the company expand its already varied financial services. Like other emerging fintech companies, Tyro has said one primary goal of the company is to snatch small businesses and merchants from traditional financial institutions.
Tyro, founded in 2003, is an established fintech company specializing in merchant credit, debt and electronic funds transfer at point of sale (EFTPOS) processing.
The firm became the first tech company to receive a banking license from the Australian Prudential Regulatory Authority, which paved the way for many other fintech companies. Previously Tyro worked with merchants as a payment solutions provider, but with the newly acquired funds, the firm hopes to extend into the small business banking industry.
Part of the funds will be used to triple the company’s team of software engineers to 450 to help create mobile and online banking solutions. “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,” said CEO Jost Stollman. “Tyro is poised for breakthrough growth, driven by innovation and commitment to fair and transparent banking.”