“Can a payments acquirer turn its 70,000+ Australian merchants into a full-service SMB bank?”
Founded 2003 as MoneySwitch, an independent EFTPOS acquirer disrupting the Big Four banks' merchant monopoly in Australia. Earned a full banking licence in 2015 and IPO'd in 2019, then began layering business banking onto its payments base. Since 2024, partnering with Constantinople, Tyro has accelerated a strategic shift from pure payments acquirer to full-service SMB bank — launching transaction accounts and the Tyro Flexi Loan, and acquiring Thriday to add AI-powered financial management. The thesis: payments customers who also bank with Tyro generate 3× the gross profit of payments-only merchants.
Tyro discloses Constantinople (banking platform) + Tyro Payments Limited ADI (self-operated) as its banking provider, according to the Embedded Finance Index 2026.
Tyro does not disclose a bank charter of its own; its banking services are provided through Constantinople (banking platform) + Tyro Payments Limited ADI (self-operated).
Tyro processes payments through Tyro EFTPOS (self-operated), Tyro eCommerce (self-operated), Tyro Pay Form / Tyro.js (self-operated), Tyro Payment Links (self-operated) and Tyro BYO App (self-operated).
Tyro's lending and capital products are provided by Tyro Payments Limited (in-house ADI).
Tyro connects to bank accounts through Consumer Data Right (CDR) — Tyro as data holder (self-operated).
Tyro integrates with 450+ POS integrations via Tyro Connect.
The Embedded Finance Index 2026 maps 5 layers in Tyro's stack: Payments / PSP (Tyro EFTPOS (self-operated), Tyro eCommerce (self-operated), Tyro Pay Form / Tyro.js (self-operated), Tyro Payment Links (self-operated) and 1 other); Banking / BaaS (Constantinople (banking platform) + Tyro Payments Limited ADI (self-operated)); Lending (Tyro Payments Limited (in-house ADI), Tyro Loan (up to $400k, funded in ~60 seconds) and Tyro Flexi Loan); Open banking (Consumer Data Right (CDR) — Tyro as data holder (self-operated)); Accounting (450+ POS integrations via Tyro Connect).
Tyro was founded by Andrew Rothwell, Paul Wood and Peter Haig and is founded in 2003, headquartered in Sydney, Australia.
Get a read on where your own stack stands against Tyro and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.