Point-of-sale services group Tyro Payments (ASX: TYR) has reached an agreement to acquire Melbourne-based fintech Thriday, whose CEO Michael Nuciforo and team are expected to join the ASX-listed company following an expected completion in January 2026.
Tyro, which has a market capitalisation of more than $500 million, did not reveal the purchase price in its announcement but to date Thriday has raised $9 million.
Thriday raised $3 million via a crowdfunding round on Birchal in early 2021 before securing a $6 million pre-Series A round led by NAB Ventures in September 2022.
Nuciforo and COO Ben Winford founded Thriday in 2020, initially under the name Thrive, to help Australian sole traders and small business owners reduce the time spent on financial admin tasks.
The company has developed an AI-powered financial management platform that automates invoicing, expense management, accounting and banking workflows.
Tyro reports the acquisition is aligned with its strategy to expand its banking and payments capabilities, allowing it to accelerate the delivery of integrated all-in-one cash-flow management solutions that reduce back-office friction for its customers.
"Combining Thriday’s smart automation and financial tools with Tyro’s payments and banking capabilities will deliver a more complete and powerful solution for our customers and a platform for further software-driven innovation," says Tyro's CFO and acting CEO, Emma Burke.
"We see the acquisition of Thriday as a great win for our business and our customers and we will continue to pursue M&A opportunities that are aligned with our growth strategy."
Nuciforo looks forward to "helping Tyro accelerate the delivery of customer solutions that help Australian businesses run smarter and grow faster".
"We are excited to join Tyro, a company that shares our commitment to innovation and customerfocused product design," he says.
Tyro shares are up 1 per cent at $1.015 in early trading this morning.
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