Australian payments firm Tyro Payments has announced its acquisition of Thriday, an innovative financial technology startup. This strategic move will integrate Thriday's AI-powered financial management platform into Tyro's existing ecosystem. The acquisition signals Tyro's ambition to provide a comprehensive, all-in-one financial solution for its small and medium-sized enterprise (SME) customers.
A Strategic Expansion for Tyro
The acquisition is a core component of Tyro's strategy to broaden its banking and payments capabilities for business clients. By incorporating Thriday's technology, Tyro aims to fill a significant gap in its product suite, which previously lacked financial administration tools. This move will accelerate the development of integrated cash-flow management solutions, enhancing its value proposition.
Tyro's CFO and acting CEO, Emma Burke, emphasized the synergy between the two companies' offerings. She stated that combining Thriday's automation with Tyro's capabilities will create a more powerful solution for customers. Burke also confirmed the company will continue to pursue M&A opportunities that align with its overarching growth strategy.
The Rise of Thriday
Founded in 2020 by Michael Nuciforo and Ben Winford, Thriday established itself as a "CFO in your pocket" for SMEs. The Melbourne-based fintech developed an AI-driven platform that automates tasks like invoicing, expense management, and accounting. Thriday positioned itself as a direct competitor to established industry players such as Xero and MYOB.
The startup demonstrated significant market traction through successful fundraising, securing strong investor confidence. It raised $3 million via equity crowdfunding in 2021, followed by a $6 million pre-Series A round led by NAB Ventures in 2022. These capital injections fueled its growth and platform development prior to the acquisition.
Leadership and Future Integration
As part of the acquisition, Thriday's CEO, Michael Nuciforo, will transition to a role within Tyro. Nuciforo brings extensive experience in digital banking, having led mobile banking initiatives at Lloyd’s Bank, RBS, and ANZ. His expertise will be instrumental in guiding the integration and driving future innovation.
Nuciforo expressed enthusiasm for the merger, highlighting the shared commitment to customer-centric product design. He stated that the Thriday team looks forward to helping Tyro accelerate the delivery of solutions for Australian businesses. This collaboration aims to empower SMEs to operate more efficiently and achieve faster growth.
Market Context and Deal Specifics
The acquisition comes as Tyro navigates a dynamic market since its major ASX listing in 2019. The payments provider has experienced share price volatility and was the subject of non-binding takeover offers last August. This deal represents a proactive step to strengthen its core business and drive long-term shareholder value.
While financial terms were not disclosed, the acquisition is scheduled for completion in January 2026. This timeline suggests a phased integration process for the two companies. The deal underscores a strategic pivot for Tyro, moving beyond its traditional EFTPOS focus into broader financial software services.
Ultimately, Tyro's acquisition of Thriday marks a significant strategic enhancement, promising a more holistic service for its SME client base. By integrating advanced financial automation, the payments giant is poised to strengthen its competitive position in the fintech landscape. This move addresses a key product gap and sets the stage for future software-driven innovation.