IPO - Tyro Payments Limited, page-45

I think this float has been overly frothy, but one part that you're not seeing here is the POS integration. AU retailers and particularly restaurants have a huge number of different POS systems and Tyro has made it easy for third-party POS developers to integrate with Tyro terminals. I believe this is one of the things that led to their widespread adoption in hospitality, which was then followed up with innovations around split billing, tips, etc.

I'm not sure how much of a moat this actually is, but it did give them a chin-up. Surely the big banks can (or maybe even have) caught up by now, but it is/was part of their 'secret sauce'.

Then came their achevement of an actual APRA ADI banking licence, which was a huge step, but looking at the annual report the loans business hasn't led to that much revenue yet.

I remain unconvinced at this price given the huge staff costs, but if they can get traction into more industries as planned and ramp up the growth, there could be something here.

Regarding the comment from @Flying Roo "if can get traction on a global scale", I'm not sure I've seen any mention of a path to globalising their business, and I don't know what that path could possibly be. To me it's a very local business and more focused on taking on the banks than going global. Unless I've missed something in their future plans? So to my mind, growth is limited to taking market share off the banks or moving into other areas?