Tyro (ASX: TYR) is a financial technology company. It provides payment solutions and business banking products to merchants in Australia. Tyro's payment solutions include electronic funds transfer at point-of-sale (EFTPOS) terminals, point-of-sale (POS) systems, and mobile payment applications. Tyro also offers a variety of other services, such as merchant acquisition, fraud prevention, and customer support. The company was founded in 2003 and is based in Sydney, New South Wales.
Research containing Tyro
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Tyro in 1 CB Insights research brief, most recently on Jun 9, 2021.
Expert Collections containing Tyro
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Tyro is included in 5 Expert Collections, including Digital Banking.
Companies and startups in this collection provide banking services to consumers and businesses, as well as enhance, automate, and/or digitize operations for banks and financial institutions.
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Companies in this collection provide technology that enables consumers and businesses to pay, collect, automate, and settle transfers of currency, both online and at the physical point-of-sale.
Excludes US-based companies
Latest Tyro News
Sep 4, 2023
By Business News Australia 4 September 2023 Sydney-headquartered fintech Tyro Payments (ASX: TYR) is challenging an affiliate of Canadian multinational Lightspeed Commerce for an alleged breach of obligations as its agent, after becoming aware it was marketing a rival product from the parent company to Tyro merchants. Proceedings filed by Tyro in the Supreme Court of New South Wales allege that Kounta, a point of sale (POS) software company founded by Nick Cloete and acquired by Lightspeed for US$35.3 million ($54.7 million) in 2019, has recently started offering a competing 'Lightspeed Payments' payments service. The legal action comes whilst Kounta is allegedly still Tyro’s agent under a contract between the parties as well as being an authorised representative under Tyro’s Australian financial services licence (AFS). "Tyro has become aware that Kounta is marketing to Tyro merchants and encouraging them to adopt Lightspeed Payments as their payment solution, including through the imposition of new fees for merchants using a Lightspeed Group POS solution that do not adopt Lightspeed Payments," Tyro stated in a release to the ASX. "Tyro considers that this conduct by Kounta directly breaches Kounta’s obligations to Tyro, including its contractual obligations as Tyro’s agent. "Tyro has sought to resolve this matter commercially with Kounta but the parties have not been able to reach a resolution that is acceptable to Tyro." The Australian company has sought orders to restrain Kounta from breaching its contractual non-solicitation obligations to Tyro which extend to September 2024, and for the agent to indemnify Tyro for all losses connected to any breach or non-performance of contractual obligations. Tyro is also seeking damages and an equitable compensation or account of profits. Business News Australia has reached out to Lightspeed for comment, but is yet to receive a response at the time of publication. It has been an tumultuous couple of years for Tyro, having settled a class action in February over the failure of its merchant EFTPOS terminals in early 2021 that led to thousands of businesses losing their card payment capabilities. Tyro's share price fell considerably after that disaster and has not yet traded anywhere near 2020 levels. In September 2022 a takeover bidding war began, starting with a consortium of private investors including MLC Investments which pitched to buy the company for $660 million, before also attracting interest from Westpac (ASX: WBC) and Potentia Capital . Potentia lifted the bid for Tyro to $875 million but the board was not interested. Talks resumed in January 2023, but in May the suitor walked away after eight months of negotiations. Tyro's market capitalisation has slumped somewhat to $724 million after takeover prospects drew to a close, but under the leadership of former National Australia Bank (ASX: NAB) exec Jon Davey as group CEO since October the fintech has reported strong growth. Gross profit rose 30 per cent to $193.2 million in FY23, while earnings almost quadrupled to $42.3 million. Tyro introduced a new operating model in April 2023 aimed at creating a leaner and more disciplined organisation, with a smaller and refreshed executive management team with Dominic White as chief product officer, Deanne Bannatyne as chief growth officer, and Adrian Perillo as CEO of Tyro Health - a vertical that Davey headed up when he joined the group in 2021. Last week Davey was given the dual role of CEO and managing director, and he joined the board of directors on 1 September. Get our daily business news Sign up to our free email news updates. First Name:
Tyro Frequently Asked Questions (FAQ)
When was Tyro founded?
Tyro was founded in 2003.
Where is Tyro's headquarters?
Tyro's headquarters is located at 55 Market Street, Sydney.
What is Tyro's latest funding round?
Tyro's latest funding round is IPO.
How much did Tyro raise?
Tyro raised a total of $72.27M.
Who are the investors of Tyro?
Investors of Tyro include Tiger Global Management, Mike Cannon-Brookes and TDM Growth Partners.
Who are Tyro's competitors?
Competitors of Tyro include YapStone, PayNearMe, Hypur, Stripe, Till Payments, TouchBistro, Satispay, Ezetap, mx51, Previse and 18 more.
Compare Tyro to Competitors
Stripe operates as a financial technology company. It offers an online payment processing platform that securely accepts credit card payments. It allows users to accept payments, send payouts, and manage businesses online. It offers solutions such as revenue and financial automation, Banking-as-a-service, and more for marketplaces, electronic commerce (e-commerce) companies, and more. Stripe was formerly known as DevPayments. The company was founded in 2010 and is based in South San Francisco, California.
Lemonway offers a pan-European payment institution. It dedicates to marketplaces, crowdfunding platforms, e-commerce websites, and other companies looking for payment processing, wallet management, and third-party payment in a know-your-customer/ anti-money laundering (KYC/AML) - regulated framework. The company was founded in 2007 and is based in Paris, France.
TouchBistro is an iPad-based restaurant management platform. It offers an integrated payments solution designed to meet the needs and fast pace of the food service industry. The firm was founded in 2011 and is based in Toronto, Canada.
Pine Labs offers cloud-based point-of-sale (PoS) payment solutions. The company allows merchants to accept credit or debit card payments, as well as methods such as e-wallets, quick response (QR) code payment solutions, and unified payments interface (UPI)-based solutions. The company was founded in 1998 and is based in Noida, India.
Cellulant develops an electronic payment service connecting customers with banks and utility services to create a payment ecosystem. It offers a single application program interface payments platform that provides locally relevant and alternative payment methods for global, regional, and local merchants. Its platform enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or directly from their bank. It was founded in 2003 and is based in Nairobi, Kenya.
Previse operates a financial platform. It uses machine learning to deliver instant payments to small businesses supplying large corporations. It was founded in 2016 and is based in London, United Kingdom.