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Tyro buys Medipass health payment app from NAB Ventures
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Tyro will acquire Medipass Solutions from NAB Ventures and its other shareholders for $22.5 million, in a deal that points to Tyro’s ambition to expand in the $120 billion national health market.
Medipass has built a cardless, terminal-less, digital health payments platform that connects health providers, patients and insurers with the claims and payment processes. It is used by around 4400 healthcare providers.
Tyro chief executive Robbie Cooke.
Peter Braig
It will now be integrated with the Tyro terminals medical professionals use to take card payments. Around 9300 merchants use Tyro and the health vertical makes up 25 per cent of its total transactions, and 11 per cent of Tyro’s transaction value, or $1.3 billion in the first half of the 2021 financial year.
By Kate Weber on Feb 22, 2021 5:28PM
Asks impacted merchants to register losses.
Tyro expects to take a minimum $19 million hit from a payment terminal outage this year that impacted one-third of all merchant customers.
The company’s CEO and managing director Robbie Cooke told the company’s half-year results that the prolonged outage “did not sit comfortably” with Tyro and its executive team.
He called on impacted merchants to register their financial losses with Tyro; the company estimated these could run to around $15 million, though it noted that “ultimate exposure could differ”.
Cooke also said that Tyro would provide all merchants with a new back-up option that could be used in the event of any future service interruption.