E27.CO: Australian electronic funds transfer at point of sale (EFTPOS) provider Tyro Payments announced today that it has opened the country’s first first hub for financial technology startups in Sydney. According to Tyro, the Tyro FinTech Hub will offer co-working desks to FinTech startups and high growth companies, as well as spaces to host accelerators, conferences, hackathons, meetups and seminars.
“We are very keen to see more companies do what we have done – powerfully disrupt banking in Australia”, says Stollmann.
Tyro CEO Jost Stollmann shares that the company has committed substantial resources in a bid build and grow Australia’s FinTech ecosystem. Aside from providing co-working space for their batch, Tyro also intends to offer banking experience and expertise to certain startups who will benefit from co-developing with the company .
Heading up the Hub is Andrew Corbett-Jones, an entrepreneur who has spent years advising hundreds of Australian startups including being a mentor atPushstart, an online Australian community matching startups to mentors.
Australia’s potential in the financial technology market is huge. According to a KPMG report and the Committee for Sydney, finance services contribute to the highest sector — 9 per cent — in the Australian economy, and finance activities are predicted to rise from US$3 billion to US$6-8 billion in 2018.
Corbett-Jones explains that the country is late to the FinTech party, but the time has come for financial services to be disrupted and radically improved by a swarm of entrepreneurs. That’s where the Tyro Fintech Hub comes in.
“Startups face barriers in this space, and we want to give them a boost by giving them somewhere to work, learn, collaborate and drive change,” says Corbett-Jones.
The Hub is equipped with desks for 125 entrepreneurs, and houses an event space, two board rooms, meetings rooms, a chill out room, informal sitting areas, a communal kitchen and eating space and a rooftop terrace.
Rates for desks are US$625 per month full-time, US$420 for 10 days and US$250 for five days.
Corbett-Jones reiterates however, that while the Hub is not for profit, there is a standard the space will be measured by; the level of innovation fostered.
“We believe this space will be particularly attractive to anyone thinking about leaving a large, slow-moving employer – whether that’s a bank, an insurance company or a professional services firm – and launching their own startup,” says Corbett-Jones.