I do get your point. Natural growth rate is hidden by the impact...

I do get your point. Natural growth rate is hidden by the impact of the bendigo partnership.

But it isn't nil. According to the half year report, Bendigo accounts for around 0.4bn a month in volume. The remaining growth is Tyro's internal sales. I suspect that this ranges from 0.3->0.5bn a month as well.

Still, I do get where you are coming from because this natural growth is harder and harder to maintain as the numbers get larger.
It's easy to be high growth when you are small, adding a few hundred customers creates big percentage growth. But it's harder as the numbers get bigger as you need to add more customers than last year to maintain the same growth rate. Anyhow, I suspect their own growth rate is around 15-25% and we'll see that come out in the next FY.