Tyro Payments has launched a Supreme Court legal action against Kounta alleging the Canadian-owned company has been attempting to steal Tyro’s payment terminal clients in the hospitality sector.
Kounta – which provides “point of sale” software and has been offering payment services under Tyro’s financial services licence – was acquired in 2019 by Lightspeed Group, a Montreal-based company dual-listed in New York and Toronto. It earns annual revenue of about $900 million – more than twice as much as Tyro.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
