Why did the Tyro (ASX:TYR) share price lift on Monday?

Financial year 2022 is shaping up well for Tyro’s transaction values.

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The Tyro Payments Ltd (ASX: TYR) share price finished in the green today after the company released its latest weekly trading update.

It seems the market reacted favourably to today’s update. The Tyro share price closed at $4.03, 3.33% higher than its previous close.

Let’s take a closer look at the latest news from the financial technology company.

Tyro share price lifts on weekly update

The Tyro share price gained on news its total payment value significantly increased week-on-week last week.

Over the week ended 22 October, Tyro processed $621 million worth of payments. The same week last year saw just $437 million put through Tyro’s systems.

For additional comparison, the fortnight prior to last week last saw Tyro process between $512 million and $575 million of transactions each week.

Interestingly, the boosted amounts correspond with the lifting of Victoria’s lockdown and the second week of freedom for New South Wales residents.

Additionally, the company has now processed around $8.3 billion of transactions in financial year 2022. By this time in financial year 2021, it had processed approximately $6.7 billion worth.

No doubt, Tyro shareholders will be breathing a sigh of relief to see the company’s share price closing higher today. Particularly, as last week was a rollercoaster for Tyro’s stock.

On Wednesday, Tyro announced proceedings against it had been filed in the Federal Court of Australia. The company is facing allegations of misleading and deceptive conduct, among other things.

Tyro believes the proceedings are due to an outage that affected many of its terminals in January. It has already put in place a remediation program to support merchants affected by the outage.

Following the news the company will be going to court, the Tyro share price fell 3.4%.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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