Australia’s Tyro Payments says that CEO and managing director Jon Davey has informed the company’s board of his intention to step down after accepting the CEO position at an undisclosed private equity-backed business.
In a statement to its investors, the Aussie fintech revealed that Davey’s new role is based in Melbourne and is “outside of the financial services sector”. The company says Davey will continue as CEO for “up to six months” to “support a smooth transition while an executive search process is undertaken”.
Davey joined Tyro in 2021 when the company acquired Medipass, where he held the role of CEO. Medipass was subsequently integrated into the wider business as the Tyro Health division. Davey led the division for a further year before being appointed as Tyro Payments CEO in September 2022.
Prior to his stint as CEO of Medipass, Davey spent over a decade at National Australia Bank, where he rose to the position of executive general manager of digital, innovation and customer experience.
Founded in 2003 and headquartered in Sydney, Tyro provides payment solutions to over 73,000 Australian merchants, specialising in online, mobile, and in-store payment systems tailored for businesses in the hospitality, retail, services, and healthcare sectors.
In 2015, Tyro became Australia’s first technology company to secure a full banking license, enabling it to develop an all-in-one platform combining payments, banking, and lending services.
Commenting on Davey’s departure, Fiona Pak Poy, Tyro’s chair, stated that he “leaves the company in excellent shape, with a strong leadership team committed to delivering our growth strategy for FY26 and beyond, including the expansion of the health business and banking proposition and entry into new verticals including aged care and pet insurance”.
During the early months of Davey’s leadership at Tyro in 2022, the fintech had been in discussions with several parties over a potential sale, including Westpac, but a deal never materialised.
The company said at the time that Potentia Capital had submitted a revised proposal to buy Tyro at an enterprise value of approximately $600 million, which it rejected on the basis that it “significantly undervalued” the company.
Source: https://www.fintechfutures.com/
