Business banking startup Tyro just added former Telstra boss David Thodey to its board

David Thodey. Getty Images

CSIRO chairman and former Telstra CEO David Thodey is joining the board of SME business lender Tyro as a non-executive director.

Thodey, whose extensive business CV also includes directorships at Ramsay Health Care and Jobs for NSW, as well as several private companies, and chair of the NSW Quantum Computing Fund, will join the Tyro board next month.

Tyro Chairman Kerry Roxburgh said: “David’s extensive management, leadership and technology experience makes him a welcome addition to our Board.”

Tyro, which began operating 14 years ago, offers a range of financial services to SMEs, including integrated EFTPOS, and lending and deposits, with plans to launch more products shortly. It has more than 20,000 customers, 371 staff and has processed $42.2 billion in transactions.

Revealing the company’s results today, Roxburgh said there was a 23% increase in total revenue to $148.3 million in FY18 and a 26% increase in the value of payments to $13.4 billion.

Loan originations grew by 127% increase to $25.2 million while deposit balances were up 197% to $11.6 million.

Roxburgh said that investment in technology and product development in FY18 was fully expensed, as in previous years, and the company posted a net loss after tax of $16.4 million (FY17 $12.8 million).

“Our focus on growth sees us as the fifth largest merchant acquirer in the segment, excluding Coles and Woolworths. In June 2018 we processed 2.3% of all debit and credit card transactions in Australia,” he said.