How they describe themselves: Today Tyro provides integrated payment, deposit and unsecured working capital solutions to small businesses. Collaborating with over 200 point of sale providers and cloud accounting platforms like Xero, Tyro is transforming how small businesses experience banking, removing friction and reducing cost. In addition to its core banking business, Tyro established Australia’s first co-working space for fitnech startups, the Tyro Fintech Hub in 2015.
Tyro’s direct competitors were, and still are the country’s major four banks. In FY16 these banks generated over AU$30 billion in profits, equating to 2.9% of Australia’s GDP.
How they describe their product/innovation: Tyro’s first lending product, Smart Growth Funding, will be made generally available in April of 2017, in line with Finovate San Jose. In the lead up to market launch, the product will be accessible to a subset of Tyro’s existing customers.
Presenting at Finovate will provide Tyro with an opportunity to show case to the world the first lending solution released by an Australian challenger banking institution. It will provide Tyro with an opportunity to gain significant exposure on the world stage, helping strengthen our brand and credibility within the fintech community, all of which will assist us as we take our product to market in 2017.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)