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 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
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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 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.