Ann: Half Yearly Report and Accounts, page-124

i get the first part of your post but not the rest.

Yes it seems they have a product that many merchants like.
So this is a good first step: give the customer what they want.

But then how to monetize this.

Tyro seems to offer a product that is
a) cheaper than the bank competitors;
b) more adaptable to modern payment methods than its traditional bank competitors.

But so far on its current business model, it will face difficulty actually profitably monetizing the business model to generate sufficient profit to justify the current market cap.

Share markets are always evolving, and specific industries within the share market can go through euphonic periods, where valuations don't matter. But over longer periods of time, the market starts to judge fundamentals, and by fundamentals I mean cashflow profit, RoE, RoC etc.

So yes Tyro has a popular product, but now Tyro needs to show how it will make profit and that profit needs to be significant.

We are in year 2022, not 2020 the year of the YOLO to the moon. These 2020 'investors' have mostly seen their capital all blow up and have little left to YoLo anymore.