Pismo, a provider of a cloud-native and API-based platform for financial services, announces a significant milestone in its growth journey.
Australian fintech Tyro Payments is “adopting the Pismo payment-processing platform to enhance its product portfolio.”
Tyro, which reportedly specializes “in merchant credit, debit, and EFTPOS acquiring, plans to bolster its banking offering through Pismo’s innovative solution.”
Dominic White, Chief Product Officer at Tyro, said:
“At Tyro, we are thrilled to be partnering with Pismo as we continue to strengthen our cashflow management solutions for small businesses across Australia.”
Vishal Dalal, CEO (North America, EMEA, APAC) at Pismo, expressed enthusiasm about the partnership:
“We are proud to be chosen by Tyro Payments, which supports more than 68,000 businesses in the Australian market with their innovative payments and cashflow solutions. We look forward to building a foundation for long-term growth.”
Both technical teams are working to “integrate the systems, which are expected to be fully operational in the first quarter of 2024.”
As covered last year, the Australian Banking Association said that of the 2.6 million businesses in Australia, the majority (98%) are small and medium enterprises (SMEs).
As the sector accelerates in 2023, it also suffers from “an increase in the cost of goods and services, leading to rising inflation and unemployment rates.”
In this scenario, entrepreneurs are “eager for help.”
Australian company Grow is ready “to help them.”
Grow is a lending partner for SME businesses looking “to expand, manage cash flow and deal in today’s increasingly complex and competitive operating environment.”
It will launch its first credit card, “powered by Pismo.”
The Grow Mastercard credit card will be “available in market from September.”
This new offer will “give business owners better cash flow, management and capital to help them improve their businesses.”
Grow has chosen Pismo’s “all-in-one, public cloud-native financial services platform to support its card-issuing operation.” By using a modern and feature-rich platform, it seeks to differentiate itself “from other lenders and continue supporting the Australian SME segment, an estimated $410-billion market.”
