Sydney looks set to become the country’s leading FinTech space with Tyro, a new hub for FinTech startups, opening in the city’s CBD.
Supported by independent EFTPOS provider Tyro Payments, the new coworking space is located on the third floor of the company’s Clarence St offices. The space can accommodate 125 entrepreneurs and, like most other coworking spaces, features meeting and board rooms, a communal kitchen, and areas for relaxing. It will host conferences, hackathons, accelerators, and other startup events.
Tyro is being led by Andrew Corbett-Jones, who said the time has come for Australia’s financial services industry to be disrupted by “a swarm of FinTech entrepreneurs.”
“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. We’re not the cheapest and we’re not the most expensive. What we are is a location in the heart of Sydney’s financial district, with a space that is open, bright and informal, and is also the sort of place you would happily bring a client or investor,” Corbett-Jones said.
Desk costs range from $250 for five days to $625 per month full time. These prices are significantly steeper than other Sydney coworking spaces; for example, a desk at Fishburners costs $400 a month, while a full time desk at EngineRoom is $450 a month.
Of course, a space at Tyro will mean receiving services tailored to – and being surrounded by – the FinTech space. Tyro Payments will be picking a startup to work with each quarter, dedicating resources, banking access, and developers to help build APIs.
Corbett-Jones said, “The Hub doesn’t need to make a profit, but it does need to foster innovation, and that is what we will be measured on. 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.”
Tyro’s launch follows the announcement of another dedicated FinTech hub, Stone and Chalk, last month by NSW Premier Mike Baird. Set to open in May, the creation of Stone and Chalk is part of the NSW Government’s plan to unlock Sydney’s potential to become a leading FinTech space in the Asia-Pacific region.