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Australian fintech company, Tyro Payments, raised $72m in venture financing led by Tiger Global. As the first Australian tech company to receive a banking license, the company hopes to make banking faster and easier by integrating with different software systems, and offering cash flow-based loans.
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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.
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