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Gerd Schenkel has joined Australia’s Tyro Payments as CEO as it looks to build a challenger bank targeting SMEs. “When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” says Founder Jost Stollmann. “Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the team as new CEO is the last piece needed to deliver very strong growth in the years ahead.”

Schenkel has more than 17 years’ experience in Australian banking and technology related businesses. He founded the country’s first home-grown digital deposit and mortgage bank, UBank, in 2008. Most recently, he was Executive Director and Founder of Telstra Digital. “I am excited about the opportunity to lead Tyro as we continue to build Australia’s newest bank,” he says. “Tyro is a new kind of company with a uniquely attractive culture, it’s a technology company that happens to be a bank, not the other way around. Australia needs a viable and strong banking sector which is customer centric and technology literate, a Tyro delivering fair, transparent and smart banking.”

Currently serving more than 16,000 small businesses, Tyro processed $8.6 billion of transactions and generated $95 million in revenue in FY16.

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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