Pros
Future job seekers, investors and board, I implore you to spend the time to read the below.
Cons
As a senior industry professional with extensive exposure to Tyro’s internal operations and governance structures, I offer the following assessment without hesitation: the organisation is in a state of sustained decline, plagued by weak leadership, cultural dysfunction, and strategic incoherence. |Leadership Attrition and Deep Cultural Rot| Tyro’s unraveling began well before the resignation of CEO Jonathan (Jon) Davey. In fact, some of the company’s most respected executives, including the former Chief Technology Officer, Chief Financial Officer, Chief Product Officer, and Chief Customer Officer had all departed prior to the CEOs own resignation. Their exits were neither coincidental nor isolated. Each reflected growing disillusionment with a leadership style that lacked clarity, cohesion, and credibility. The replacements in key C-suite roles have failed to steady the ship. Rather than rebuilding confidence, the leadership bench has become less experienced, more insular, and alarmingly detached from on-the-ground realities. |Growth Function: A Masterclass in Mismanagement| The most visible and destructive leadership failure occurred under former Chief Growth Officer Deanne Bannatyne. During her tenure, the Growth division suffered from unprecedented levels of employee turnover, collapsing team morale, and deeply dysfunctional leadership dynamics. Her decision to sideline an externally recruited, highly qualified sales leader — and instead place commercial responsibility in the hands of an internal figure lacking relevant experience proved catastrophic. The result? Eroded sales integrity, internal complaints left unanswered, and mounting ethical concerns about how targets were being met and how staff were being managed. Deanne’s abrupt departure was preceded by a wave of exits within the same division, including the individual she elevated. That entire leadership experiment not only failed, it left lasting damage across the organisation. Customer Crisis: NPS Plunge and Merchant Churn Customer sentiment has cratered. NPS scores are not simply low — they are persistently and structurally broken. Large merchants and long-term customers have walked away, citing poor service experiences, outdated technology, and a growing sense that Tyro no longer listens. When your most valuable clients begin quietly offboarding, the consequences are not hypothetical — they are financial. Tyro’s customer support function has been hollowed out through constant restructuring and attrition. Turnover is now so frequent that continuity is impossible. Escalations often sit unresolved for weeks. For a payments and banking provider, this is not just inefficient — it is reputationally reckless. |Product and Innovation Deficit| Despite holding a full banking licence since 2015, Tyro still lacks access to the New Payments Platform and offers no Osko capabilities. That alone should raise eyebrows in a competitive market where instant payments are no longer a differentiator — they’re expected. The e-commerce product is barely competitive, and the company has churned through e-commerce leadership almost as frequently as contact centre staff. This speaks to a broader failure to innovate and execute. The engineering and product teams remain constrained by legacy tech, internal silos, and bureaucratic inertia. These are not temporary hurdles — they are structural handbrakes on innovation. |Regulatory Exposure from Questionable Pricing Models| Tyro’s “no-cost EFTPOS” model — a pricing strategy that heavily surcharges customers under the guise of being free for merchants — is now under increasing regulatory risk. As the RBA continues to tighten expectations on surcharging transparency, Tyro could face material exposure on a core part of its revenue structure. |Collapse of Risk, Legal and People Functions| The complete turnover of the legal team should be viewed as a flashing red flag. Legal professionals do not exit in groups from stable companies. The People & Culture function, led by Monica Appleby, has fared no better. The departure of seasoned HR professionals has left the business with no credible internal mechanisms for employee advocacy or organisational health. For a company experiencing mass attrition and cultural decline, this absence is not only negligent it’s downright dangerous. |Final Word| Tyro today is a cautionary tale as someone else best said above in another review. Executive churn, failed leadership experiments, reputational risk, merchant attrition, product stagnation, and compliance vulnerabilities all unfolding under the watch of a board that appears disengaged. For prospective employees, customers, or partners: proceed with extreme caution. The signs are not subtle, and they are not improving.
