I agree with you @Pricklyman when you say TYR is fundamentally a...

I agree with you @Pricklyman when you say TYR is fundamentally a different business to ZIP which is in the BNPL space & EML is in the gift card type payments area.
ZIP trades on (a multiple of -11) & EML ((a multiple of -1) ie: note negative PE not making a profit. TYR trading on a multiple of 56.

The huge difference is TYRO is the 5th largest merchant acquiring bank in Australia after the big 4. Thats quite a achievement to get to that sort of market share against the big 4 who have market cap's in the hundred of billions. Hence the reason why WBC made a offer some time ago. The next stage which is in its infancy is offering credit services to the merchants as they have a banking license.