Schenkel was most recently executive director & founder of Telstra Digital and left the telco giant in April after five years in the role.

The appointment of Schenkel is part of a restructure of Tyro’s leadership structure which sees Stollmann continue as a full-time executive director.

“When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” Stollmann said.

“Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new chief executive is the last piece needed to deliver very strong growth in the years ahead.”

Stollmann said he would continue to raise Tyro’s profile in Australia, while supporting Schenkel in his role as CEO.

Schenkel, who will take over the top job at Tyro on 24 October, has more than 17 years’ experience in Australian banking and technology-related businesses and founded Australia’s first home-grown digital deposit and mortgage bank, UBank, in 2008.

Schenkel says “Australia needs a viable and strong banking sector which is customer centric and technology literate, a Tyro delivering fair, transparent and smart banking”.

“Tyro’s growth and achievements to date have been remarkable. Currently serving more than 16,000 small businesses, Tyro processed $8.6 billion of transactions and generated more than $95 million in revenue in FY16.”