Why Australian fintech Tyro aims to become a bank | Business Insider

Congratulations Tyro. Taking on the big banks with an agile model that allows the best new FinTech solutions should see you quickly become a front runner in banking. I know we will be doing as much of our business as possible with you and we look forward to seeing your success.

The company boasts 14,000 small businesses as customers, and processes more than $8 billion a year through its payment terminals. In August it received permission to become an “Authorised Deposit-taking Institution”, or ADI. Tyro can’t call itself a bank, but is allowed to take deposits from customers.With $50 million in its coffers from the capital raising – the rest is being spent on platform expansion – Tyro now has sufficient equity to apply to be called a “bank” and is lodging its application to become one.

Source: Why Australian fintech Tyro aims to become a bank | Business Insider