Tyro (company) explained

Tyro
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.

History

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]

In February 2017, Tyro became the first bank to implement payments via Siri.[4] At the same time, Tyro announced a partnership with Afterpay.[5]

In 2015, Tyro was granted a "banking licence", becoming an "Authorised Deposit taking Institution (ADI)".[6] It was the first Australian technology company to be granted this licence by the Australian Prudential Regulatory Authority.[7]

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.[8] In June 2022, Robbie Cooke resigned as CEO.[9] Jonathan (Jon) Davey was appointed as the new CEO on October 3.[10] Jon Davey had led Tyro’s health business unit, following Tyro’s acquisition of health fintech Medipass.[11]

In January 2021, Tyro experienced a terminal connectivity issue that impacted many of its merchants.[12]

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.[13]

Takeover battle

In September 2022, Tyro's shares rose 18% after the company received - and rejected - an unsolicited takeover bid from Private Equity company Potentia. [14]

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. [15] 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. [16]

Strategy

Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises (SMEs).[17] [18] [19] [20]

As part of that, Tyro is lobbying for a more open data exchange in the traditional banking industry.[21]

See also

External links

Notes and References

  1. Web site: Submission to the Financial System Inquiry. Fsi.gov.au. 5 December 2018.
  2. Web site: Pages - List of Authorised Deposit-taking Institutions . Apra.gov.au . 2015-11-26.
  3. Web site: Independent eftpos provider Tyro surpasses $3.5 billion in transactions. 28 January 2013. SmartCompany.com.au. 5 December 2018.
  4. Web site: Yoo. Tony. 22 February 2017. Tyro now lets customers make payments with voice commands via Apple Siri. https://web.archive.org/web/20170223010007/http://www.businessinsider.com.au/tyro-now-lets-customers-make-payments-with-voice-commands-via-apple-siri-2017-2. dead. 23 February 2017. 5 December 2018. Business Insider Australia.
  5. Web site: Afterpay and Tyro announce SME payments partnership. 8 February 2017. Australian Financial Review. 5 December 2018.
  6. Web site: Pages - List of Authorised Deposit-taking Institutions. dead. https://web.archive.org/web/20140730182132/http://www.apra.gov.au/adi/Pages/adilist.aspx. 30 July 2014. 1 November 2016.
  7. Web site: 2019-05-12. ADAPT Tyro Payments poised for breakout growth, driven by innovation. 2021-02-11. ADAPT. en-AU.
  8. Web site: 22 January 2018. Tatts' Robbie Cooke to join new bank Tyro. 5 December 2018. Australian Financial Review.
  9. Web site: 2022-06-29 . Tyro Payments (ASX:TYR) CEO Robbie Cooke leaves to Star Entertainment Group (ASX:SGR) . 2022-11-03 . The Market Herald . en-US.
  10. Web site: 2022-09-15 . Tyro Payments (ASX:TYR) appoints Jonathan Davey as CEO . 2022-11-03 . The Market Herald . en-US.
  11. Web site: 2021-05-10 . Tyro buys Medipass health payment app from NAB Ventures . 2022-11-03 . Australian Financial Review . en.
  12. Web site: Message in a (Word)Cloud. 2021-02-11. www.spglobal.com. en-us.
  13. Web site: Viceroy Research . 2020-01-15 . Tyro by name, Tyro by nature . 2022-06-23 . Viceroy Research.
  14. https://www.theaustralian.com.au/subscribe/news/1/?sourceCode=TAWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.theaustralian.com.au%2Fbusiness%2Fpotentias-alan-gray-tim-reed-swoop-on-tyro-payments%2Fnews-story%2F3364ef24657443e7fe5e10a88e964140&memtype=anonymous&mode=premium&v21=GROUPA-Segment-1-NOSCORE&V21spcbehaviour=append
  15. https://www.smh.com.au/business/banking-and-finance/westpac-walks-away-from-cannon-brookes-backed-tyro-payments-20221212-p5c5ih.html
  16. https://www.reuters.com/markets/deals/tyro-payments-ends-buyout-discussions-with-potentia-after-rejecting-a875-million-2023-05-21/
  17. Web site: Big four could become big three: Tyro Payments. James. Mitchell. 16 May 2016. Investordaily.com.au. 5 December 2018.
  18. News: Tyro's Jost Stollman wants to beat the big banks at small lending. Shaun Drummond, Jonathan. Shapiro. 30 November 2015. The Sydney Morning Herald. 5 December 2018.
  19. Web site: ITWire - A $7 billion hit on SMEs, economy from banking 'red tape' says Tyro . 1 November 2016 . https://web.archive.org/web/20161104002313/http://www.itwire.com/strategy/74304-a-$7-billion-hit-on-smes,-economy-from-banking-%E2%80%98red-tape%E2%80%99-says-tyro.html . 4 November 2016 . dead .
  20. Web site: Fintech specialists say 'NextGen banking' may replace Big Four. Cio.com.au. 5 December 2018.
  21. Web site: Tyros New Boss Gerd Schenkel Says Fintech Revolution Mostly Hype. Myaccount.news.com.au. 5 December 2018.

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