Melbourne-based tech and innovation hub, YBF Ventures is pleased to announce it will be taking operational control and ownership of the Tyro Fintech Hub on Clarence Street in the heart of Sydney’s CBD.
As part of the agreement, Tyro will become a corporate partner of YBF, ensuring the two companies continue to focus on innovation. This will be YBF’s second location and will build upon the success of YBF Melbourne which has helped startups to scale, scaleups to succeed, and corporates to innovate since 2011.
YBF Sydney, as the hub will be named, will transition from 1 July 2019 and will shift from solely fintech to encompassing tech startups and scaleups of all verticals: fintech, Web 3.0, legaltech, artificial intelligence (AI), machine learning (ML), cybersecurity, and immersive experience technology.
The acquisition of a coworking space called Teamsquare, which YBF transformed into an innovation hub in 2018 under the YBF Melbourne moniker, increased YBF’s Melbourne headquarters to 3,100 square metres with 400 desks. The opening of YBF Sydney increases YBF’s Australian footprint by an additional 150 desks.
As with YBF Melbourne, YBF Sydney will implement inspiring community events, will maintain its strong focus on diversity and will forge partnerships with corporates, government and educational institutions, linking all the key tech ecosystem players in both cities.
“Melbourne and Sydney are the two largest commercial centres in Australia. While YBF has had a strong presence in Melbourne as a leader in tech, it is important to have a presence in Sydney,” said YBF Ventures CEO, Farley Blackman. “Tyro has a stellar reputation and shares our values. They are an ideal partner for our expansion and we’re excited to be working with them to support and grow the Sydney tech community for years to come.
“This move solidifies our growth strategy and more specifically fulfils our 2019 goal of opening an interstate location. We are thrilled to be working with and building upon the successes of Robbie and the entire Tyro team,” added Mr Blackman, who further stated, “YBF will continue to look for opportunities both domestically and regionally. We expect to make further expansion announcements before the end of the year.”
Tyro established the Hub to provide a professional workspace and facilitate events and mentoring opportunities for the Sydney startup community; it has since seen more than 100 start-ups take advantage of the facility.
CEO Robbie Cooke said Tyro’s fintech roots remained strong; and preserving those roots was a fundamental part of the decision to partner with YBF Ventures, which has had great success as a tech and innovation-focused hub in Melbourne.
“Strategically, it’s a great fit for both organisations; we wanted to preserve the space for future startups and focus on our core business of developing payments and banking solutions for our merchants, while Farley and his team were looking to expand their footprint,” Mr Cooke said.
“YBF Ventures has had great success in Melbourne and as a corporate partner, we look forward to seeing the Sydney space continue to provide opportunities for Australian startups to grow their businesses.”