Disrupting Australia’s payments industry with Mambu
Tyro, Australia's #1 rated EFTPOS provider, expanded its offerings by launching a fully digital term deposit product in just 6 months using Mambu's cloud banking platform, empowering over 73,000 SMEs.
- months to build term deposit product
- months from MVP to launch
- businesses powered
TYRO
About the customer
Founded in 2003, Tyro is a fast-growing Australian business bank serving over 73,000 merchants with payments and banking solutions. As a technology-led disruptor, it was the first Australian tech company to obtain an acquirer bank licence and introduce the country’s first least-cost routing solution, reducing fees for businesses. Most of Tyro’s customers are SMEs that value flexible cash flow management. Tyro supports them with simple, reliable payment solutions as a merchant acquirer, along with complementary business banking products.
- Australia’s #1 rated EFTPOS provider
- 10 industry firsts
- Multi-award winner
The challenge
Expanding banking services on the cloud
In 2019, Tyro identified a need to expand its product offerings with a flexible term deposit solution.
The goal was to enable merchants to seamlessly apply for, manage, and track their term deposits via their mobile app, giving them greater control over cash flow. To make this possible, Tyro needed a cloud-native, API-driven solution that could integrate smoothly into their existing ecosystem while maintaining scalability and security.
“Adopting Mambu’s platform has freed up Tyro’s engineering team to focus on delivering innovative features and products for their customers while significantly reducing time to market. This is in line with Tyro’s mission to simplify banking and payments for Australian businesses.”
- CTO of Tyro
The solution
A new digital deposits offering born in the cloud
Tyro partnered with Mambu in 2019, becoming the first Australian authorised deposit-taking institution to adopt Mambu's cloud banking platform. Mambu's composable approach and API-driven design provided the flexibility and speed Tyro needed to develop and launch its term deposit product end-to-end in just three months. Within these three months Tyro managed to spin up a completely new core banking ledger, pilot it and then launch a brand new product in the market.
Mambu's API-driven and developer-friendly platform—key characteristics that set it apart—allowed Tyro to develop custom solutions tailored to its specific needs, unlike traditional core banking platforms.
The Tyro Business Term Deposit, born from this collaboration, to manage all of their banking and payments needs in the Tyro App. They can apply for a Tyro Business Loan, lock away savings at competitive rates, schedule auto-payments and monitor their transactions in real time. Customers also receive real-time notifications and maturity reminders.
This product is Tyro's first savings-focused offering since obtaining its banking licence in FY16. Like all of Tyro’s products, Tyro Business Term Deposit is a completely digital product flow from the application to the maturity of the term deposits. The customer journey is 100% digital and paperless - from onboarding to signing.
The results
Rapid rollout, adoption and business growth
Following a successful pilot in December 2019, Tyro Business Term Deposit is the first product delivered on Mambu's core banking platform, followed by a release to all Tyro’s customers in just 6 months.
Since launch, the Tyro Business Term Deposit has seen high adoption rates, with many customers opting to renew or open multiple term deposits. The streamlined digital experience has received strong positive feedback, with businesses appreciating the ease of setup and fully digital transparent process.
Today, the Australian business bank is on a continuous profitable growth path, with close to $43 million in transactional value and a strong uptake of their integrated banking – 27% increase in banking users (FY2024).
“Our continued focus is on integrated solutions which simplify payments and banking for our merchants and enable us to scale our business; the term deposit product we are delivering on the Mambu platform is the perfect example of that.”
- Jonathan Davey, CEO of Tyro
Build the next big banking product
Tyro leveraged Mambu’s cloud banking platform to quickly launch a fully digital term deposit product. Future-proof your business banking offerings with Mambu.
