IPO - Tyro Payments Limited, page-3

watching also and looking to get a stake at IPO via merchant raise.

things I like:
- main competition is the banks. Tyro is no.5, with only the big 4 ahead of them in their core offering, so clearly ripe for disruption. But Tyro is not exactly a hopeful upstart - its got a really strong track record and the merchants I know that use it absolutely love it
- MCB as major shareholder, and a reasonable chunk of the company held in a few tight hands
- revenue growth, and the growth story since 2003 ticks a lot of boxes.
- lots of scope to expand into new and wonderful opportunities, leveraging off their core customer base
- just doing small, simple things well. even down to involving merchants in the raise - I think a really good idea to build customer loyalty, and give customers a chance to be part of the growth story from here - every merchant that participates will have an even stronger incentive to become a voice for tyro and help sell its benefits to other merchants. WOF always the most powerful sales and marketing tool

things I don't like:
- just trying to get my head around the options, who is cashing out and why etc - you've flagged in your post...need to unpack this a bit
- also employee benefit expenses look really high? and just the cost profile in general, I would have thought/hoped cost base might be a bit more stable by now but maybe underestimating the effort required to maintain the growth from here