Tyro (company)
 Logo used from 2019 | |
| Formerly | MoneySwitch Limited |
|---|---|
| Company type | Public |
| ASX: TYR | |
| Industry | |
| Predecessor | MoneySwitch Limited |
| Founded | 3 February 2003 |
| Founders |
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| Headquarters | , |
Area served | Australia |
Key people |
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| Services | |
| Revenue |
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| Total assets |
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| Total equity |
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Number of employees | 450 (2019) |
| Website | tyro |
| 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 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 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]- ^ "Submission to the Financial System Inquiry" (PDF). Fsi.gov.au. Retrieved 5 December 2018.
- ^ "Pages - List of Authorised Deposit-taking Institutions". Apra.gov.au. Retrieved 26 November 2015.
- ^ "Independent eftpos provider Tyro surpasses $3.5 billion in transactions". SmartCompany.com.au. 28 January 2013. Retrieved 5 December 2018.
- ^ 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.
- ^ "Afterpay and Tyro announce SME payments partnership". Australian Financial Review. 8 February 2017. Retrieved 5 December 2018.
- ^ "Pages - List of Authorised Deposit-taking Institutions". Archived from the original on 30 July 2014. Retrieved 1 November 2016.
- ^ "ADAPT Tyro Payments poised for breakout growth, driven by innovation". ADAPT. 12 May 2019. Retrieved 11 February 2021.
- ^ "Tatts' Robbie Cooke to join new bank Tyro". Australian Financial Review. 22 January 2018. Retrieved 5 December 2018.
- ^ "Tyro Payments (ASX:TYR) CEO Robbie Cooke leaves to Star Entertainment Group (ASX:SGR)". The Market Herald. 29 June 2022. Retrieved 3 November 2022.
- ^ "Tyro Payments (ASX:TYR) appoints Jonathan Davey as CEO". The Market Herald. 15 September 2022. Retrieved 3 November 2022.
- ^ "Tyro buys Medipass health payment app from NAB Ventures". Australian Financial Review. 10 May 2021. Retrieved 3 November 2022.
- ^ "Message in a (Word)Cloud". www.spglobal.com. Retrieved 11 February 2021.
- ^ Viceroy Research (15 January 2020). "Tyro by name, Tyro by nature" (PDF). Viceroy Research. Retrieved 23 June 2022.
- ^ 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
- ^ https://www.smh.com.au/business/banking-and-finance/westpac-walks-away-from-cannon-brookes-backed-tyro-payments-20221212-p5c5ih.html
- ^ https://www.reuters.com/markets/deals/tyro-payments-ends-buyout-discussions-with-potentia-after-rejecting-a875-million-2023-05-21/
- ^ Mitchell, James (16 May 2016). "Big four could become big three: Tyro Payments". Investordaily.com.au. Retrieved 5 December 2018.
- ^ 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) - ^ "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.
- ^ "Fintech specialists say 'NextGen banking' may replace Big Four". Cio.com.au. Retrieved 5 December 2018.
- ^ "Tyros New Boss Gerd Schenkel Says Fintech Revolution Mostly Hype". Myaccount.news.com.au. Retrieved 5 December 2018.