Tyro opens its own fintech hub

Tyro Payments has beaten Sydney's Stone and Chalk fintech hub to the punch, opening its own hub for entrepreneurs working in the area of financial services technology.

Tyro has fitted out an office in the Sydney CBD with room for 125 entrepreneurs, an event space, two boardrooms, meeting rooms and an all-important "chill-out space".

The head of the Tyro Fintech Hub, Andrew Corbett-Jones, said the centre would host conferences, hackathons and seminars in an effort to help build Australia's fintech community.

Tyro is taking applications from entrepreneurs on its website.

Corbett-Jones said the hub would host entrepreneurs working in a wide range of financial services activities, not just payments.

Tyro is hoping to work on co-developments with around four businesses each year. However, it has no plans to invest in any of the companies that use the hub.

Stone & Chalk, which is scheduled to open in May, has New South Wales Government and corporate funding support. It has around 20 corporate partners that have pitched in a total of A$2 million.

Corbett-Jones did not expect any clash with Stone & Chalk, saying it was quite the opposite.

"Fintech has been held back in this market because we have not had these facilities. Having two is a sign of maturity," he said.

"We plan to work with Stone & Chalk. We have looked at how we can collaborate. The secret to success in this field is clustering and collaborating."