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2 ASX growth shares to watch closely in November

If you're on the hunt for new ASX growth shares, here are two companies I think are worth watching in November.

If you’re on the hunt for new ASX growth shares, here are two I think are worth watching in November.

Step One Clothing

One of the most recent additions to the ASX, Step One Clothing Ltd (ASX: STP) is an Aussie success story worth watching.

Shares surged over 80% on their first day of trading on Monday – not bad for a company that sells jocks! But it’s not just any normal underwear company. Through using unique materials, Step One has created a range of comfortable boxers that customers seem to love – check out those reviews below.

Step One – Prospectus

From FY19 to FY21, Step One was able to grow its top line at compound annual growth rate (CAGR) of 183%, largely coming from its Australian and UK market.

From the IPO proceedings, the company plans to expand into the US and broaden its current product offering.

For some more reading on Step One, check out Lachlan-Burr Jensen’s article here: Your 5-minute guide to the Step One IPO.

Tyro Payments

Payments company Tyro Payments Ltd (ASX: TYR) continues to pump out some impressive numbers despite the share price going almost nowhere.

For the month of October, Tyro processed $2.45 billion, a 34% increase on the same time last year.

While a reopening play might or might not already be priced into its current valuation, Tyro is one I’m happy to back as merchants look for more innovative solutions for their business.

Over FY21, Tyro was able to add 10,500 terminals and 7,250 merchants excluding the alliance with Bendigo and Adelaide Bank Ltd (ASX: BEN). Keep in mind, this was despite the terminal outage at the start of the year.

In a commoditised industry like payments processing, I think Tyro’s customers are more sticky than some would assume due to the pairing required between the EFTPOS terminal and the point of sale (POS) device.

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At the time of publishing, Patrick owns shares in Tyro Payments Ltd.
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