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{{Short description|Australian public company}}
{{Multiple issues|
{{News release|1=article|date=December 2018}}
{{Use dmy dates|date=June 2021}}
{{Notability|Companies|date=December 2018}}
{{Third-party|date=December 2018}}
{{Unreliable sources|date=December 2018}}}}
{{Use dmy dates|date=May 2014}}
{{Use Australian English|date=May 2014}}
{{Use Australian English|date=May 2014}}
{{Infobox company
{{Infobox company
| name = Tyro Payments Limited
| name = Tyro
| logo = Tyro Logo.png
| logo = Tyro_Payments_Logo.png
| logo_alt = Tyro Payments logo
| type = [[Unlisted public company]]
| logo_caption = Logo used from 2019
⚫
| traded_as = Tyro
| former_name = MoneySwitch Limited
| foundation = February 2003
| type = [[Public company|Public]]
⚫
| industry = [[Technology]], [[Financial Services]]
⚫
| traded_as = {{asx|TYR}}
⚫
| area_served = Australia
⚫
| industry = {{Unbulleted list|[[EFTPOS]]|[[Financial services]]}}
| location = [[Sydney]], [[Australia]]
| predecessor = MoneySwitch Limited
| key_people = [[Kerry Roxburgh]] ([[chairman]]){{cn|date=December 2018}}
| founded = {{Start date and age|df=yes|2003|2|3}}
| products = [[Acquiring bank|Merchant acquiring]], Deposits, Cashflow lending
| founders = {{Unbulleted list|Andrew Rothwell|Paul Wood|Peter Haig}}
| revenue = $96m in FY16,<ref name="tyro.com">{{cite web|url=https://tyro.com/content/uploads/2016/08/2016-Annual-Report.pdf|format=PDF|title=Tyro Annual Report 2016|website=Tyro.com|accessdate=5 December 2018}}</ref> $59m in H1 FY17<ref name="tyro.com1">{{cite web|url=https://www.tyro.com/content/uploads/2017/03/Interim-Financial-Results-2017.pdf|format=PDF|title=Tyro Interim Financial Results 2017|website=Tyro.com|accessdate=5 December 2018}}</ref>
| hq_location_city = [[Sydney]]
⚫
| homepage = {{URL|http://www.tyro.com}}
| hq_location_country = [[Australia]]
⚫
| area_served = Australia
| key_people = {{Unbulleted list|Jonathan Davey ([[Chief executive officer|CEO]])|[[David Thodey]] ([[Chairman]])|Praveenesh Pala ([[Chief financial officer|CFO]])|[[Catherine Harris]] ([[Non-executive director|NXD]])}}
| services = {{Unbulleted list|[[EFTPOS]]|[[Commercial bank|Business banking]]|[[Deposit account]]||[[Loan]]|[[Time deposit|Term deposit]]|[[E-commerce]]}}
| revenue = {{Unbulleted list|class=nowrap|{{Increase}} AUD$189,770,000}}
| revenue_year = 2019
| operating_income = {{Unbulleted list|class=nowrap|{{Increase}} AUD$83,260,000}}
| income_year = 2019
| net_income = {{Unbulleted list|class=nowrap|{{decrease}} AUD$ (18,397,000)}}
| net_income_year = 2019
| aum = <!-- Only for financial-service companies -->
| assets = {{Unbulleted list|class=nowrap|{{Increase}} AUD$148,664,000}}
| assets_year = 2019
| equity = {{Unbulleted list|class=nowrap|{{Increase}} AUD$93,069,000}}
| equity_year = 2019
| num_employees = 450
| num_employees_year = 2019
⚫
| website = {{URL|tyro.com}}
| footnotes = {{cite web |url=https://www.asx.com.au/asxpdf/20191206/pdf/44cc43c3lwmq41.pdf |title=Tyro Annual Report 2019l |publisher=Tyro Payments |access-date=19 December 2019}}
}}
}}


'''Tyro Payments Limited''' is an Australian financial "[[fintech]]" institution specialising in merchant [[Credit card|credit]], [[Debit card|debit]] and [[EFTPOS]] [[Acquiring bank|acquiring]].
'''Tyro Payments Limited''' (Tyro) is an Australian payments [[fintech|financial institution]] specialising in merchant [[Credit card|credit]], [[Debit card|debit]] and [[EFTPOS]] [[Acquiring bank|acquiring]].


==History==
==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.<ref>{{cite web|url=http://fsi.gov.au/files/2014/04/Tyro_Payments_Ltd.pdf|format=PDF|title=Submission to the Financial System Inquiry|website=Fsi.gov.au|accessdate=5 December 2018}}</ref> It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence<ref>{{cite web|url=http://www.apra.gov.au/ADI/ADIList.cfm#SCC |title=Pages - List of Authorised Deposit-taking Institutions |website=Apra.gov.au |date= |accessdate=2015-11-26}}</ref> after [[GE Capital]].

In 2015, Tyro was granted a "banking licence", ie became an "Authorised Deposit taking Institution (ADI)".<ref>[http://www.apra.gov.au/adi/pages/adilist.aspx] {{dead link|date=December 2018}}</ref>

==Growth==
[[File:Tyrovolume.png|thumb|right|Tyro Acquiring Volume]]
[[File:Tyrovolume.png|thumb|right|Tyro Acquiring Volume]]
⚫
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.<ref>{{cite web|url=http://fsi.gov.au/files/2014/04/Tyro_Payments_Ltd.pdf|title=Submission to the Financial System Inquiry|website=Fsi.gov.au|access-date=5 December 2018}}</ref> It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence<ref>{{cite web|url=http://www.apra.gov.au/ADI/ADIList.cfm#SCC |title=Pages - List of Authorised Deposit-taking Institutions |website=Apra.gov.au |access-date=2015-11-26}}</ref> after [[GE Capital]].


In 2012, Tyro exceeded $3.5b of card transaction volume.<ref>{{cite web|url=https://www.smartcompany.com.au/startupsmart/advice/startupsmart-growth/independent-eftpos-provider-tyro-surpasses-35-billion-in-transactions/|title=Independent eftpos provider Tyro surpasses $3.5 billion in transactions|date=28 January 2013|website=SmartCompany.com.au|accessdate=5 December 2018}}</ref>
In 2012, Tyro exceeded $3.5 billion of card transaction volume.<ref>{{cite web|url=https://www.smartcompany.com.au/startupsmart/advice/startupsmart-growth/independent-eftpos-provider-tyro-surpasses-35-billion-in-transactions/|title=Independent eftpos provider Tyro surpasses $3.5 billion in transactions|date=28 January 2013|website=SmartCompany.com.au|access-date=5 December 2018}}</ref>


In February 2017, Tyro became the first bank to implement payments via [[Siri]].<ref>{{cite web|last=Yoo|first=Tony|date=22 February 2017|title=Tyro now lets customers make payments with voice commands via Apple Siri|url=https://www.businessinsider.com.au/tyro-now-lets-customers-make-payments-with-voice-commands-via-apple-siri-2017-2|archive-url=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|url-status=dead|archive-date=23 February 2017|access-date=5 December 2018|website=Business Insider Australia}}</ref> At the same time, Tyro announced a partnership with [[Afterpay]].<ref>{{cite web|url=https://www.afr.com/technology/afterpay-and-tyro-announce-sme-payments-partnership-20170208-gu864j|title=Afterpay and Tyro announce SME payments partnership|date=8 February 2017|website=Australian Financial Review|access-date=5 December 2018}}</ref>
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]].<ref>{{cite web|url=https://www.tyro.com/investors/|title=Investors & Advantages Of Investing In EFTPOS|website=Tyro.com|accessdate=5 December 2018}}</ref>


In 2015, Tyro was granted a "banking licence", becoming an "Authorised Deposit taking Institution (ADI)".<ref>{{Cite web|title=Pages - List of Authorised Deposit-taking Institutions|url=http://www.apra.gov.au/adi/pages/adilist.aspx|url-status=dead|archive-url=https://web.archive.org/web/20140730182132/http://www.apra.gov.au/adi/Pages/adilist.aspx|archive-date=30 July 2014|access-date=1 November 2016}}</ref> It was the first Australian technology company to be granted this licence by the [[Australian Prudential Regulation Authority|Australian Prudential Regulatory Authority]].<ref>{{Cite web|date=2019-05-12|title=ADAPT Tyro Payments poised for breakout growth, driven by innovation|url=https://adapt.com.au/tyro-payments-poised-for-breakout-growth/|access-date=2021-02-11|website=ADAPT|language=en-AU}}</ref>


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.<ref>{{cite web|date=22 January 2018|title=Tatts' Robbie Cooke to join new bank Tyro|url=https://www.afr.com/technology/tatts-robbie-cooke-to-join-new-bank-tyro-20180122-h0mflz|access-date=5 December 2018|website=Australian Financial Review}}</ref> In June 2022, Robbie Cooke resigned as CEO.<ref>{{Cite web |date=2022-06-29 |title=Tyro Payments (ASX:TYR) CEO Robbie Cooke leaves to Star Entertainment Group (ASX:SGR) |url=https://themarketherald.com.au/tyro-payments-asxtyr-ceo-robbie-cooke-resigns-after-nearly-five-years-2022-06-29/ |access-date=2022-11-03 |website=The Market Herald |language=en-US}}</ref> Jonathan (Jon) Davey was appointed as the new CEO on October 3.<ref>{{Cite web |date=2022-09-15 |title=Tyro Payments (ASX:TYR) appoints Jonathan Davey as CEO |url=https://themarketherald.com.au/tyro-payments-asxtyr-appoints-jonathan-davey-as-ceo-2022-09-15/ |access-date=2022-11-03 |website=The Market Herald |language=en-US}}</ref> Jon Davey had led Tyro’s health business unit, following Tyro’s acquisition of health fintech Medipass.<ref>{{Cite web |date=2021-05-10 |title=Tyro buys Medipass health payment app from NAB Ventures |url=https://www.afr.com/companies/financial-services/tyro-buys-medipass-health-payment-app-from-nab-ventures-20210510-p57qkk |access-date=2022-11-03 |website=Australian Financial Review |language=en}}</ref>
In Financial Year 2016, Tyro grew to $8.6b of transaction volume, a growth of 26% compared to the prior year.<ref name="tyro.com"/>


In January 2021, Tyro experienced a terminal connectivity issue that impacted many of its merchants.<ref>{{Cite web|title=Message in a (Word)Cloud|url=https://www.spglobal.com/marketintelligence/en/news-insights/blog/message-in-a-word-cloud|access-date=2021-02-11|website=www.spglobal.com|language=en-us}}</ref>
In the first half of Financial Year 2017, Tyro processed $5.3b in payments, a growth rate of 23%, and generated revenue of $59m, a growth of 28%. Tyro's employee base grew by 40% to 344 people.<ref name="tyro.com1"/>


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.<ref>{{Cite web |last=Viceroy Research |date=2020-01-15 |title=Tyro by name, Tyro by nature |url=https://viceroyresearch.org/wp-content/uploads/2021/01/Viceroy-Research-Tyro-15-Jan-2021.pdf |access-date=2022-06-23 |website=Viceroy Research}}</ref>
In February 2017, Tyro announced a partnership with [[Afterpay]].<ref>{{cite web|url=https://www.afr.com/technology/afterpay-and-tyro-announce-sme-payments-partnership-20170208-gu864j|title=Afterpay and Tyro announce SME payments partnership|date=8 February 2017|website=Australian Financial Review|accessdate=5 December 2018}}</ref>


== Takeover battle ==
⚫
==Strategy==
In September 2022, Tyro's shares rose 18% after the company received - and rejected - an unsolicited takeover bid from Private Equity company Potentia. <ref> 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 </ref>
⚫
Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises (SMEs).<ref>{{cite web|url=https://www.investordaily.com.au/technology/39370-big-four-could-become-big-three-tyro|title=Big four could become big three: Tyro Payments|first1=James|last1=Mitchell|first2=James|last2=Mitchell|date=16 May 2016|website=Investordaily.com.au|accessdate=5 December 2018}}</ref><ref>{{cite news|url=https://www.smh.com.au/business/banking-and-finance/tyros-jost-stollman-wants-to-the-beat-the-big-banks-at-small-lending-20151127-gl9r2u.html|title=Tyro's Jost Stollman wants to beat the big banks at small lending|first=Shaun Drummond, Jonathan|last=Shapiro|date=30 November 2015|newspaper=[[The Sydney Morning Herald]]|accessdate=5 December 2018}}</ref><ref>[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] {{dead link|date=December 2018}}</ref><ref>{{cite web|url=https://www.cio.com.au/article/599635/fintech-specialists-say-nextgen-banking-may-replace-big-four/|title=Fintech specialists say 'NextGen banking' may replace Big Four|website=Cio.com.au|accessdate=5 December 2018}}</ref>


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. <ref> https://www.smh.com.au/business/banking-and-finance/westpac-walks-away-from-cannon-brookes-backed-tyro-payments-20221212-p5c5ih.html </ref> 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.
⚫
As part of that, Tyro is lobbying for a more open data exchange in the traditional banking industry.<ref>{{cite web|url=https://myaccount.news.com.au/sites/theaustralian/subscribe.html?sourceCode=TAWEB_WRE170_a&mode=premium&dest=https://www.theaustralian.com.au/business/financial-services/tyros-new-boss-gerd-schenkel-says-fintech-revolution-mostly-hype/news-story/53f3531516350cd11c873718fe089f12?nk=12fcdc013e9cb05386379bf7200b51ae-1544042771&memtype=anonymous|title=Tyros New Boss Gerd Schenkel Says Fintech Revolution Mostly Hype|website=Myaccount.news.com.au|accessdate=5 December 2018}}</ref>


On 22 May 2023, Tyro's shares dropped nearly 20% after it announced that Potentia had dropped their pursuit. <ref> https://www.reuters.com/markets/deals/tyro-payments-ends-buyout-discussions-with-potentia-after-rejecting-a875-million-2023-05-21/ </ref>
Tyro is a regular contributor to the national discussion of financial services regulation<ref>{{cite web|url=http://www.rba.gov.au/payments-and-infrastructure/submissions/standards-for-card-payments-systems/pdf/tyro-payments.pdf|format=PDF|title=Payments and Infrastructure : Standards for Card Payments|website=Rba.gov.au|accessdate=5 December 2018}}</ref><ref>{{cite web|url=http://www.rba.gov.au/payments-and-infrastructure/payments-system-regulation/past-regulatory-reviews/review-of-card-payment-systems-reforms/pdf/review-0708-pre-conclusions/tyro-25062008.pdf|format=PDF|title=Payments and Infrastructure : Past Regulatory Reviews|website=Rba.gov.au|accessdate=5 December 2018}}</ref><ref>{{cite web|url=http://www.rba.gov.au/payments-and-infrastructure/submissions/review-of-card-payments-regulation/tyro.pdf|format=PDF|title=Payments and Infrastructure : Review of Card Payments Regulation|website=Rba.gov.au|accessdate=5 December 2018}}</ref>
and it participates on the Prime Minister's advisory panel.<ref>{{cite web|url=https://myaccount.news.com.au/sites/theaustralian/subscribe.html?sourceCode=TAWEB_WRE170_a&mode=premium&dest=https://www.theaustralian.com.au/business/turnbull-launches-fintech-expert-advisory-committee/news-story/88cbde95b25d1e634c6f169e2a8e2209?nk=54acb68a8350bc6523246046258020b8-1544042797&memtype=anonymous|title=Turnbull Launches Fintech Expert Advisory Committee|website=Myaccount.news.com.au|accessdate=5 December 2018}}</ref>


⚫
==Strategy==
On 1 April 2017, Tyro received the authority to call itself a "bank."<ref>{{cite web|url=https://www.facebook.com/tyrolimited/posts/1289539204416754|title=Tyro|website=Facebook.com|accessdate=5 December 2018}}</ref>
[[Image:Tyro Terminal.jpg|thumb|left|Tyro terminal used in cafe]]

⚫
Tyro self-describes its strategy to compete with the major banks as "nextgen banking" focusing on Small and Medium Enterprises (SMEs).<ref>{{cite web|url=https://www.investordaily.com.au/technology/39370-big-four-could-become-big-three-tyro|title=Big four could become big three: Tyro Payments|first1=James|last1=Mitchell|date=16 May 2016|website=Investordaily.com.au|access-date=5 December 2018}}</ref><ref>{{cite news|url=https://www.smh.com.au/business/banking-and-finance/tyros-jost-stollman-wants-to-the-beat-the-big-banks-at-small-lending-20151127-gl9r2u.html|title=Tyro's Jost Stollman wants to beat the big banks at small lending|first=Shaun Drummond, Jonathan|last=Shapiro|date=30 November 2015|newspaper=[[The Sydney Morning Herald]]|access-date=5 December 2018}}</ref><ref>{{Cite web |url=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 |title=ITWire - A $7 billion hit on SMEs, economy from banking 'red tape' says Tyro |access-date=1 November 2016 |archive-url=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 |archive-date=4 November 2016 |url-status=dead }}</ref><ref>{{cite web|url=https://www.cio.com.au/article/599635/fintech-specialists-say-nextgen-banking-may-replace-big-four/|title=Fintech specialists say 'NextGen banking' may replace Big Four|website=Cio.com.au|access-date=5 December 2018}}</ref>
==Innovation==
In February 2017, Tyro became the first bank to implement payments via [[Siri]].<ref>{{cite web|url=https://www.businessinsider.com.au/tyro-now-lets-customers-make-payments-with-voice-commands-via-apple-siri-2017-2|title=Tyro now lets customers make payments with voice commands via Apple Siri|first=Tony|last=Yoo|date=22 February 2017|website=Business Insider Australia|accessdate=5 December 2018}}</ref>

==New CEO==
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 <ref>{{cite web|url=https://www.afr.com/technology/tatts-robbie-cooke-to-join-new-bank-tyro-20180122-h0mflz|title=Tatts' Robbie Cooke to join new bank Tyro|date=22 January 2018|website=Australian Financial Review|accessdate=5 December 2018}}</ref>

==Awards==
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.<ref>{{cite web|url=https://www.tyro.com/our-story/|title=Our Story In Credit Card Payment Processing|website=Tyro.com|accessdate=5 December 2018}}</ref>


⚫
As part of that, Tyro is lobbying for a more open data exchange in the traditional banking industry.<ref>{{cite web|url=https://myaccount.news.com.au/sites/theaustralian/subscribe.html?sourceCode=TAWEB_WRE170_a&mode=premium&dest=https://www.theaustralian.com.au/business/financial-services/tyros-new-boss-gerd-schenkel-says-fintech-revolution-mostly-hype/news-story/53f3531516350cd11c873718fe089f12?nk=12fcdc013e9cb05386379bf7200b51ae-1544042771&memtype=anonymous|title=Tyros New Boss Gerd Schenkel Says Fintech Revolution Mostly Hype|website=Myaccount.news.com.au|access-date=5 December 2018}}</ref>
In 2016 Tyro was named "43rd most innovative fintech in the world" by the KPMG H2 Fintech100 survey.<ref>[https://h2.vc/reports/fintechinnovators/company/2016/tyro] {{dead link|date=December 2018}}</ref>
Also in 2016, Tyro's founders won the "2016 NSW Pearcey Tech Entrepreneur of the year" award.<ref>{{cite web|url=https://pearcey.org.au/nsw/|title=2018 NSW Tech Entrepreneur of the Year Award » Pearcey|website=Pearcey.org.au|accessdate=5 December 2018}}</ref>


==See also==
==See also==
Line 77: Line 78:
{{Banking in Australia}}
{{Banking in Australia}}


[[Category:2003 establishments in Australia]]
[[Category:Banks established in 2003]]
[[Category:Financial services companies established in 2003]]
[[Category:Financial services companies based in Sydney]]
[[Category:Financial services companies based in Sydney]]
[[Category:Neobanks]]

Latest revision as of 21:34, 7 October 2024

Tyro
FormerlyMoneySwitch Limited
Company typePublic
ASX: TYR
Industry
PredecessorMoneySwitch Limited
Founded3 February 2003; 21 years ago (2003-02-03)
Founders
  • Andrew Rothwell
  • Paul Wood
  • Peter Haig
Headquarters
Sydney
,
Australia
Area served
Australia
Key people
Services
Revenue
  • Increase AUD$189,770,000
 (2019)
  • Increase AUD$83,260,000
 (2019)
  • Decrease AUD$ (18,397,000)
 (2019)
Total assets
  • Increase AUD$148,664,000
 (2019)
Total equity
  • Increase AUD$93,069,000
 (2019)
Number of employees
450 (2019)
Websitetyro.com
Footnotes / references
"Tyro Annual Report 2019l" (PDF). Tyro Payments. Retrieved 19 December 2019.

Tyro Payments Limited (Tyro) is an Australian payments financial institution specialising in merchant credit, debit and EFTPOS acquiring.

History

[edit]
Tyro Acquiring Volume

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

[edit]

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

[edit]
Tyro terminal used in cafe

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

[edit]

References

[edit]
  1. ^ "Submission to the Financial System Inquiry" (PDF). Fsi.gov.au. Retrieved 5 December 2018.
  2. ^ "Pages - List of Authorised Deposit-taking Institutions". Apra.gov.au. Retrieved 26 November 2015.
  3. ^ "Independent eftpos provider Tyro surpasses $3.5 billion in transactions". SmartCompany.com.au. 28 January 2013. Retrieved 5 December 2018.
  4. ^ Yoo, Tony (22 February 2017). "Tyro now lets customers make payments with voice commands via Apple Siri". Business Insider Australia. Archived from the original on 23 February 2017. Retrieved 5 December 2018.
  5. ^ "Afterpay and Tyro announce SME payments partnership". Australian Financial Review. 8 February 2017. Retrieved 5 December 2018.
  6. ^ "Pages - List of Authorised Deposit-taking Institutions". Archived from the original on 30 July 2014. Retrieved 1 November 2016.
  7. ^ "ADAPT Tyro Payments poised for breakout growth, driven by innovation". ADAPT. 12 May 2019. Retrieved 11 February 2021.
  8. ^ "Tatts' Robbie Cooke to join new bank Tyro". Australian Financial Review. 22 January 2018. Retrieved 5 December 2018.
  9. ^ "Tyro Payments (ASX:TYR) CEO Robbie Cooke leaves to Star Entertainment Group (ASX:SGR)". The Market Herald. 29 June 2022. Retrieved 3 November 2022.
  10. ^ "Tyro Payments (ASX:TYR) appoints Jonathan Davey as CEO". The Market Herald. 15 September 2022. Retrieved 3 November 2022.
  11. ^ "Tyro buys Medipass health payment app from NAB Ventures". Australian Financial Review. 10 May 2021. Retrieved 3 November 2022.
  12. ^ "Message in a (Word)Cloud". www.spglobal.com. Retrieved 11 February 2021.
  13. ^ Viceroy Research (15 January 2020). "Tyro by name, Tyro by nature" (PDF). Viceroy Research. Retrieved 23 June 2022.
  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. ^ Mitchell, James (16 May 2016). "Big four could become big three: Tyro Payments". Investordaily.com.au. Retrieved 5 December 2018.
  18. ^ Shapiro, Shaun Drummond, Jonathan (30 November 2015). "Tyro's Jost Stollman wants to beat the big banks at small lending". The Sydney Morning Herald. Retrieved 5 December 2018.{{cite news}}: CS1 maint: multiple names: authors list (link)
  19. ^ "ITWire - A $7 billion hit on SMEs, economy from banking 'red tape' says Tyro". Archived from the original on 4 November 2016. Retrieved 1 November 2016.
  20. ^ "Fintech specialists say 'NextGen banking' may replace Big Four". Cio.com.au. Retrieved 5 December 2018.
  21. ^ "Tyros New Boss Gerd Schenkel Says Fintech Revolution Mostly Hype". Myaccount.news.com.au. Retrieved 5 December 2018.
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