(30 August 2019 – Australia) Tyro Payments is preparing for an initial public offering on the ASX and has appointed former Telstra chief executive David Thodey as chairman to help it get ready.
Tyro appointed Mr Thodey to its board late last year and said he would assume the chairmanship after the October annual general meeting, replacing Kerry Roxburgh.
Tyro, the fifth-largest provider of EFTPOS terminals after the major banks, sent its annual accounts to its 450 shareholders on Thursday night, reporting a net loss of $18.4 million and EBITDA loss of $8.6 million, as it seeks to acquire more merchant customers off the major banks.
The firm is also shifting from hardware to software. It has launched an e-commerce payments system this year to compete against the likes of PayPal and Afterpay, allowing merchants to accept online and mobile app payments. It also plans to use the banking licence it won in 2015 to ramp up lending to merchants, funded with deposits.
The board recently appointed advisers to advise on a float which could take place as early as November.