Tyro Payments raises $100m to pursue next growth stage

Fast-growing Australian EFTPOS provider Tyro Payments has raised $100 million in funding to help support its goal of taking on the big banks with its cloud-based platform.

The company has secured investment funding from Tiger Global Management in the US, as well Australian investors TDM Asset Management and technology entrepreneur Mike Cannon-Brookes.

As part of the funding injection, the chair of Harris Farm Markets, Catherine Harris, will be joining the company as a non-executive director. Harris is also a commissioner of the ARL and governor of the University of Notre Dame.

Since its establishment 12 years ago, Tyro has grown to serve over 14,000 businesses in Australia, processing over $8 billion worth of transactions annually through its internally developed platform.

CEO Jost Stollman said the capital injection will help the company pursue its next stage of growth.

“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,” he said.

“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.”

As part of its growth plans the company plans to triple the number of software engineers in its employ to 450 over the next three years, to help develop a suite of new digital products capable of shaking up the Australian banking industry.

Image courtesy of Pictures of Money under CC