Tyro Payments is an Australian financial institution

Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...

 specialising in merchant credit

Credit card

A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...

, debit

Debit card

A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...

 and EFTPOS

EFTPOS

EFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...

 acquiring

Acquiring bank

An acquiring bank is the bank or financial institution that processes credit and or debit card payments for products or services for a merchant. The term acquirer indicates that the bank accepts or acquires credit card transactions from the card-issuing banks within an association...

. It was founded in 2003 by ex-Cisco employees Peter Haig, Andrew Rothwell and Paul Wood as MoneySwitch Ltd. Tyro is the first new entrant into the Australian EFTPOS business in over 10 years. It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence after GE Capital

GE Capital

GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....

.