Tyro Payments, Australia’s independent and fastest growing EFTPOS provider announced that it has raised $100 million from Tiger Global Management in New York, TDM Asset Management in Sydney and Australian technology entrepreneur Mike Cannon-Brookes. With the new capital, Tyro Payments is planning to fund the next stage of its ambitious growth strategy. At the same time, it will accelerate its growth initiatives and new product development to provide innovative payment and banking solutions to its customers.
Today, 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.
Jost Stollmann, Tyro’s CEO stated: “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. 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. Tyro is poised for breakout growth, driven by innovation and commitment to fair and transparent banking”.