Bank-FinTech Hybrid Tyro Launches SMB Accounts In Australia

Australian bank Tyro is introducing new services for its small- and medium-sized business (SMB) customers.

The new services include lending products, reports in The Adviser said, that provide SMB borrowers flat-fee business loans that can be provided in minutes. The FinTech is also providing banking services via SMB deposit accounts that integrate with cloud accounting solution Xero. The solution supports batch payment scheduling and payroll and earns daily interest.

Tyro added that the account is also compatible with iPhones, which can be used by SMBs to pay bills.

The firm is also launching an EFTPOS (Electronic Funds Transfer at Point Of Sale) technology that integrates with point-of-sale solutions for SMBs.

“Our customers frequently refer to the ease, convenience and economic benefits Tyro offers,” said CEO Rob Ferguson, according to the publication. “We recognize that everyday banking is a chore — all of our products and services work in the SME business environment and with existing systems, removing common SME pain points, such as double entry.”

“Tyro’s banking products are just now scratching the surface of the broader SME banking category, and we are looking forward to evolving in this space,” he added.

Last year the company announced the creation of its Smart Growth Grant program to tackle what it calculated to be a $5.2 billion gap in small business financing in Australia. The program asked Aussie SMBs to innovate and develop their own solutions in support of the small business community. Tyro offered $25,000 to up to 10 small businesses.

Tyro secured a banking license in 2015 and became what some analysts described as an alternative lender-bank hybrid. The company also landed $72 million in funding led by Tiger Global, TDM Asset Management and other backers soon after it secured the banking license.