Tyro is offering term deposits to business

SME business lender Tyro, has decided to build the other side of its ledger following its successful float on the ASX last Friday, announcing a pilot offering term deposits for Australian businesses. 

The fintech became the country’s newest unicorn when it listed (ASX: TYR) at $2.75 a share, giving it a market cap of more than $1.37 billion after raising $287.2 million

Tyro shares sat at $3.38 at the close of trade on Tuesday.

After being granted a banking licence in 2015, Tryo has been working on expanding its product range with  CEO and Managing Director, Robbie Cooke, said Tyro’s first foray into one-to-three month term deposits expands the product range for business.

“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 $120,000 via the Tyro Business Loan; and now lock away funds for a set period,” he said. 

“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.” 

The pilot involves existing customers with a Tyro Bank Account, who can take up term deposits with balances as low as $1,000 for 30, 60 or 90 day terms. 

The accounts are paying 1% interest with a bonus rate of between 0.25% and 0.75% for longer than 90 days.