Australian Tyro Gets $72.5 Million in Fresh Funding

Australian payment services provider Tyro has got some serious backing for its foray into the small and medium-size business banking sector, raising AUD 100 million ($72.5 m) from a number of companies, including Tiger Global Management, TDM Asset Management, and the Australian tech entrepreneur Mike Cannon-Brookes.

A pioneer among Aussie fintech companies

Earlier in 2015, Tyro became the first Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processing provider to receive a banking license from the Australian Prudential Regulatory Authority, giving it access to the lucrative and quickly transforming banking sector in the country.

A new emerging ecosystem is expected to offer better products and experiences

Commenting on the fundraising news, Chief Executive Officer Jost Stollmann said: "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."

When Tyro got its banking licence, Stollmann had this to say, looking forward to the potential opportunities unraveling before the company and its likes: "Our big advantage is that we don't have all the legacy products and systems and we are entirely Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term based.” Tyro had a decade’s experience in payments processing, before braving the lending and deposit world."

Transformation waiting to happen

The disruptive potential of the fintech industry is being recognized globally, although some parts of the world are lagging behind. Australia is among them, at least according to a group of fintech startups and their financial backers who recently appealed to the Aussie government to pay more attention to their industry and introduce much-needed reforms. According to the coalition, Australia only stands to gain from such reforms, and has the potential to become a major fintech regional hub in the Asia-Pacific.