(12 December 2019 – Australia) Fresh on the heels of Tyro's new lending offering announcement, the newly floated payments and small business lending group has released a new term deposit product pilot.
After receiving its banking licence in 2015, Tyro has been working on expanding its product range with CEO and Managing Director, Robbie Cooke confirming Tyro’s first foray into one-to-three-month term deposits expands the product range for business. The fintech became the country’s newest unicorn when it listed (ASX: TYR) at A$2.75 a share, giving it a market cap of more than A$1.37 billion after raising A$287.2 million.
The pilot involves existing customers with a Tyro Bank Account, who can take up term deposits with balances as low as A$1,000 for 30, 60- or 90-day terms. The accounts are paying one percent interest with a bonus rate of between 0.25 percent and 0.75 percent for 90 days plus.
“With the addition of a term deposit product, Tyro EFTPOS and eCommerce customers can transact and automate payments via the Tyro Bank Account’s Xero integration; borrow up to A$120,000 via the Tyro Business Loan; and now lock away funds for a set period. All of that can be done via the Tyro App, which also allows customers to view their in-store EFTPOS and eCommerce transactions in near real-time” Mr Cooke stated.