Tyro\u2019s overall journey<\/a>, Stollmann says.<\/p>\n <\/p>\n
\u201cIt means that now the necessary preconditions have come together to build the next generation bank,\u201d he says.<\/p>\n
<\/p>\n
<\/b><\/p>\n
Tyro was granted a specialised bank licence by the Reserve Bank of Australia in 2005 when it was just a \u201cstartup with a PowerPoint presentation\u201d.<\/p>\n
<\/p>\n
In August this year it became the first Australian tech company to ever receive a full banking licence, meaning it can now accept deposits and advance money to businesses.<\/p>\n
<\/p>\n
\u201cWe are the brainchild of the Reserve Bank, who was interested in bringing some innovation and competitive tension to a market dominated by the oligarchy of the retail banks,\u201d Stollmann says.<\/p>\n
<\/p>\n
\u201cNow we want to build the next generation bank that provides fair and transparent banking to small and medium businesses and growth businesses. All of the country\u2019s prosperity depends on them.\u201d<\/p>\n
<\/p>\n
Tyro has enjoyed strong and sustained growth recently, with revenue rising by 38% to $72.4 million, and the startup now serving 14,000 businesses and processing over $8 billion transactions annually.<\/p>\n
<\/p>\n
It now has a team of 150 software engineers and plans to triple this number next year.<\/p>\n
<\/p>\n
\u201cOur uniqueness is that we marry banking skills with tech skills,\u201d Stollmann says.<\/p>\n
<\/p>\n
\u201cNext year will be the year when we build the deposit book, then followed by a lending book.<\/p>\n
<\/p>\n
\u201cBuilding a next generation bank is complex so we are respectful of how much effort is involved.\u201d<\/p>\n
<\/p>\n
A change in the narrative<\/b><\/p>\n
<\/b><\/p>\n
The recent change in Australian leadership has helped contribute to this new narrative, Stollmann says, but the real test will come with the federal government\u2019s upcoming innovation statement, expected next week.<\/p>\n
<\/p>\n
\u201cThis can be the first proof point that some overdue reforms are happening,\u201d he says.<\/p>\n
<\/p>\n
\u201cWhy don\u2019t they just shamelessly copy what has made London successful as a first step?<\/p>\n
<\/p>\n
\u201cSome of the major issues are to make the tax treatment of early-stage investment more favourable. It\u2019s about how we can create a regulatory system that is more attuned to the risk that new models bring to the system.\u201d<\/p>\n
<\/p>\n
This change in mood is encouraging more people to leave corporate jobs and join or create these fintech startups, he says.<\/p>\n
<\/p>\n
\u201cWe\u2019re seeing more people coming out of comfortable offices and trying something on their own,\u201d he says.<\/p>\n
<\/p>\n
\u201cA lot has to do with the mood \u2013 it\u2019s changing and that brings good people, capital and initiatives together. It\u2019s not nearly enough yet though \u2013 this has to be sustained and expanded.<\/p>\n
<\/p>\n
\u201cIt\u2019s a race and we are late.\u201d<\/p>\n
<\/p>\n
Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on<\/i> Facebook<\/i>,<\/i> Twitter<\/i>, and<\/i> LinkedIn<\/i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
Australian fintech startups can \u201cwrite history\u201d and create the \u201cnext generation of banks\u201d if they work together, Tyro CEO Jost<\/p>\n","protected":false},"author":2,"featured_media":60676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,21,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/41824"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=41824"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/41824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60676"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=41824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=41824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=41824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}