EFTPOS provider, Tyro Payments, has raised $100 million from global investors including Tiger Global Management in New York, TDM Asset Management in Sydney and technology entrepreneur Mike Cannon-Brookes.
The funds will be used to accelerate its growth initiatives and new product developments.
Tyro currently counts more than 14,000 business customers in Australia, processing more than $8 billion annually in transactions through its internally developed, cloud based platform.
In August, it became the first Australian technology company obtain a banking licence by the Australian Prudential Regulatory Authority, allowing it to accept deposits and to advance money to Australian businesses.
During its 2015 Financial Year, gross revenue grew 38 per cent, employee figures expanded to 221 and the Tyro Fintech Hub was established where like-minded entrepreneurs can interact and co-develop open APIs.
Since its establishment 12 years ago, Tyro has built up a team of 150 software engineers, and plans to expand that figure to 450 in the next three years.
“SMEs are essential to productivity growth and job creation in our economy. We want to build a new banking ecosystem that allows SMEs in whatever business - be it retail shops, pharmacies, medical practices, restaurants, pubs or hotels - to compete better,” Tyro CEO, Jost Stollmann, said in a statement. “Tyro is poised for breakout growth, driven by innovation and commitment to fair and transparent banking.”
As part of the capital injection, Catherine Harris will join Tyro as an independent non-executive director as of December 17.
Harris maintains extensive retail experience as Chair of independent produce retailer, Harris Farm Markets.
She is also a Commissioner of the Australian Rugby League and Director of UNSW School of Business Council, Governor of the University of Notre Dame and the Sport Australia Hall of Fame.
Tyro Chairman, Kerry Roxburgh, said Harris would bring new skills and perspectives to the Board.
“Catherine Harris is one of Australia’s most astute business figures, who will bring enormous insight into the dynamics that drive a successful retail business,” he said.