Nice traction, question is whether the real competitors are the banks or the PayPal, Apple and Samsungs of this world...time will tell
Australian financial tech company Tyro Payments plans to challenge the country’s leading retail banks after scoring AUD $100 million (about $72 million) in funding from Tiger Global, TDM Asset Management, and Atlassian co-founder Mike Cannon-Brookes. Founded in 2003 to enable point-of-sale debit and credit card payments, Tyro Payments currently works with 14,000 Australian businesses and processes over AUD $8 billion in transactions each year. Now Tyro Payments is turning its ambitions to banking after becoming the first Australian tech company to receive a banking license from the Australian Prudential Regulatory Authority. Tyro Payments plans to compete with the top four retail banks in Australia: Commonwealth Bank, Westpac, Australia and New Zealand Banking Group, and National Australia Bank.