Business bank Tyro considering ASX listing
8 July 2019, Written by David Simmons
Payments and banking company Tyro told investors this morning that it is considering an ASX listing in a brief statement posted online.
The company says that the listing is not a done deal, and a number of conditions must be met first.
"Tyro Payments Limited today announced it is investigating the potential to move from its current non-listed public company structure to an ASX listed structure," says Tyro.
The company says listing on the ASX will enable it "to provide its more than 450 shareholders access to greater liquidity and to secure other benefits that may follow from a listing on the Australian Securities Exchange."
"In this context, and subject to market conditions and other relevant factors, the Company is considering the possibility of a listing within the next 18 months but not earlier than November 2019."
Tyro is an Australian Bank and operates under the supervision of the Australian Prudential Regulation Authority (APRA).
Tyro provides credit, debit and EFTPOS card acquiring, Medicare and private health fund claiming and rebating services, as well as an interest-bearing transaction and deposit account offering integration with Xero accounting software. Tyro takes money on deposit and offers unsecured cashflow-based lending to Tyro EFTPOS merchants.
Tyro currently serves more than 20,000 businesses with its own in-house, cloud-based mobile core banking platform.
The company is helmed by CEO Robbie Cooke (pictured) who joined the company in January 2018. Cooke has a background with listed companies, having previously held the roles of MD and CEO of Tatts Group (ASX: TTS) and Wotif.com (ASX: WTF).
The company launched 13 years ago, has 371 staff across Australia servicing 20,000 customers and processing $42.2 billion in transactions.
It has been backed by Australian tech juggernauts like Mike Cannon-Brookes, the co-founder of Atlassian, who recently stepped down as a director of the company.
Business News Australia
Author: David Simmons