Tyro is offering term deposits to business

Simon Thomsen

Dec 10, 2019 1 min read

SME business lender Tyro, has decided to build the other side of its ledger following its successful float on the ASX last Friday, announcing a pilot offering term deposits for Australian businesses.

The fintech became the country’s newest unicorn when it listed (ASX: TYR) at $2.75 a share, giving it a market cap of more than $1.37 billion after raising $287.2 million

Tyro shares sat at $3.38 at the close of trade on Tuesday.

After being granted a banking licence in 2015, Tryo has been working on expanding its product range with CEO and Managing Director, Robbie Cooke, said Tyro’s first foray into one-to-three month term deposits expands the product range for business.

“With the addition of a term deposit product, Tyro EFTPOS and eCommerce customers can transact and automate payments via the Tyro Bank Account’s Xero integration; borrow up to $120,000 via the Tyro Business Loan; and now lock away funds for a set period,” he said.

“All of that can be done via the Tyro App, which also allows customers to view their in-store EFTPOS and eCommerce transactions in near real-time.”

The pilot involves existing customers with a Tyro Bank Account, who can take up term deposits with balances as low as $1,000 for 30, 60 or 90 day terms.

The accounts are paying 1% interest with a bonus rate of between 0.25% and 0.75% for longer than 90 days.

About the author

Simon Thomsen

Simon has been editor of Startup Daily since 2019. He hosted the Startup Daily show on streaming service ausbiz.com.au from 2020 to 2023, and now, the weekly podcast Startup 360. He was previously associate editor of Business Insider Australia, a national restaurant critic, editor of The Good Food Guide, and newspaper proprietor during a 30-plus-years career in journalism and publishing. He’s also an investor in early stage startups.