Tyro says Stone and Chalk needs competition
Tyro chief Jost Stollman, says another fintech hub, independent of bank-backed Stone and Chalk, is needed to ensure new bank rivals don’t remain “rounding errors”.Mr Stollman has dubbed Sydney’s Clarence Street “Fintech Alley” since he opened Tyro’s FinTechHub at 155 on Wednesday, just down the way from bank-backed hub Stone and Chalk at number 45 – the same building as eBay and its subsidiary PayPal.Tyro was one of the first payments challengers to the banks when it started a decade ago, but it remains the only so-called card acquirer – meaning it processes card payments for merchants as well as rolling out its own terminals – that is not a bank in Australia.
