| Tyro Payments Limited | |
| Logo Alt: | Tyro Payments logo |
| Former Name: | MoneySwitch Limited |
| Type: | Public |
| Predecessor: | MoneySwitch Limited |
| Hq Location City: | Sydney |
| Hq Location Country: | Australia |
| Area Served: | Australia |
| Revenue Year: | 2019 |
| Income Year: | 2019 |
| Net Income Year: | 2019 |
| Assets Year: | 2019 |
| Equity Year: | 2019 |
| Num Employees: | 450 |
| Num Employees Year: | 2019 |
| Footnotes: | Web site: Tyro Annual Report 2019l . Tyro Payments . 19 December 2019. |
Tyro Payments Limited (Tyro) is an Australian payments financial institution specialising in merchant credit, debit and EFTPOS acquiring.
Tyro was founded in 2003 by Peter Haig, Andrew Rothwell and Paul Wood as MoneySwitch Ltd. Tyro was the first new entrant into the Australian EFTPOS business since 1996.[1] It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence[2] after GE Capital.
In 2012, Tyro exceeded $3.5 billion of card transaction volume.[3]
On 1 March 2016, Tyro completed an equity capital raising of $100,127,532.00 at a price per share of $1.0361 led by Tiger Global, TDM Asset Management, and Atlassian co-founder Mike Cannon-Brookes.[4]
In Financial Year 2016, Tyro grew to $8.6 billion of transaction volume, a growth of 26% compared to the prior year.[5]
In the first half of Financial Year 2017, Tyro processed $5.3 billion in payments, a growth rate of 23%, and generated revenue of $59 million, a growth of 28%. Tyro's employee base grew by 40% to 344 people.[6]
In February 2017, Tyro became the first bank to implement payments via Siri.[7] At the same time, Tyro announced a partnership with Afterpay.[8]
In 2015, Tyro was granted a "banking licence", becoming an "Authorised Deposit taking Institution (ADI)".[9] It was the first Australian technology company to be granted this licence by the Australian Prudential Regulatory Authority.[10]
In October 2016, Tyro appointed Gerd Schenkel, founder of UBank and Telstra Digital as its new CEO. Gerd resigned in June 2017.In January 2018,Tyro appointed Robbie Cooke as CEO. Cooke was formerly managing director of Tatts Group.[11]
In June 2022, CEO Robbie Cooke resigned as CEO.[12] Jonathan (Jon) Davey was appointed as the new CEO commencing on October 3.[13] Jon Davey had led Tyro’s health business unit, following Tyro’s acquisition of health fintech Medipass.[14]
In January 2021, Tyro experienced a terminal connectivity issue that impacted many of its merchants.[15]
On 15 January Tyro requested a trading halt on its shares on the same day a short selling firm, Viceroy Research, published a report alleging that a large number of terminals were taken down.[16]
In September 2022, Tyro's shares rose 18% after the company received - and rejected - an unsolicited takeover bid from Private Equity company Potentia. [17]
In Dec 2022, Tyro's shares dropped 18% after Westpac ends its takeover bid of the company, after it had joined the process in October. [18] At the same time, Tyro announced that Potentia had raised its non-binding offer to $1.60, valuing the business at about $875 million. However, its Board rejected that offer.
On 22 May 2023, Tyro's shares dropped nearly 20% after it announced that Potentia had dropped their pursuit. [19]
Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises (SMEs).[20] [21] [22] [23]
As part of that, Tyro is lobbying for a more open data exchange in the traditional banking industry.[24]
Tyro has been awarded "Deloitte Technology Fast 50" in 2012, 2013, and 2014; "Deloitte Fast 500 Asia Pacific" in 2012, 2013, 2014, and 2015; "BRW Fast 100" in 2010, 2011, 2012, and 2013.[25]
In 2016 Tyro was named "43rd most innovative fintech in the world" by the KPMG H2 Fintech100 survey.[26] Also in 2016, Tyro's founders won the "2016 NSW Pearcey Tech Entrepreneur of the year" award.[27]