Tyro Payments has added to its suite of banking products with the introduction of a range of term deposits.
While its core business is merchant acquiring, Tyro has had a banking licence since 2015 and offers merchant cash advances and merchant transaction accounts. It started testing a term deposit product in a pilot program last December.
Banking is a small part of Tyro’s overall business, generating revenue of A$2.6 million out of a total of $117.3 million in the six months to December.
To deliver the TDs, Tyro is using Mambu software. German-based Mambu, which was launched in 2011, describes itself as a SaaS provider offering a cloud-native banking platform.
Tyro is the first Australian authorised deposit-taking institution to adopt the Mambu banking platform.
Tyro chief executive Robbie Cooke said in a statement that the partnership with Mambu would allow Tyro to develop a range of banking products more efficiently.
Cooke said: “Our continued focus is on integrated solutions which simplify payments and banking for our merchants and enable us to scale our business.”