Queensland consumer data startup Biza.io has raised $7.5 million in a Series A.
The round led by OIF Ventures and Jelix Ventures in the first raise for the Brisbane fintech after five years of bootstrapping.
Biza helps banks, financial institutions, energy retailers and others in the CDR space with Software-as-a-Service solutions for both data holders and recipients.
Founder and CEO Stuart Low, a former head of innovation at Rabobank and CSIRO data engineer, kicked off the fintech in his garage in Brisbane in 2017.
CDR started what is known as ‘open banking’ in Australia in July 2020 and will turn its attention to energy in November this year, followed by telecommunications.
“Participating in Consumer Data Law is not easy, and compliance is even more difficult, but we have proven that it can be done in a reasonable amount of time by a small team without costing millions of dollars,” he said.
Low said his fintech had experienced rapid growth as demand for its services continues to grow in the wake of the initial CDR compliance deadline for banks towards the end of FY2021, with customer growth of 550% in the past 18 months. Meanwhile, the company has grown from two employees in January 2021 to June 15 this year, with plans to hire an additional 30 people by 2022.
“By welcoming OIF Ventures and Jelix Ventures as our first investors, we are in a fantastic position to take advantage of current market opportunities,” he said.
“Both funds’ reputations for supporting high conviction founders and companies, coupled with their unparalleled experience mentoring founders and start-ups, will be invaluable to our growth and we are excited to partner with to start the next phase of Biza.io. the OIF and Jelix teams.
“Biza clients have spent just 5% of typical construction costs, enabling them to invest in the innovation opportunities that consumer data law truly enables.”
The startup’s clients include Unloan, Bank First, Regional Australia Bank, Australian Military Bank, TrueLayer and Envestnet | Yodlee among a dozen brands now in CDR, alongside testing capabilities for more than 15 organizations as part of its open data implementation.
Laurence Schwartz, general partner of OIF Ventures, said the Biza team has built a turnkey solution to enable data holders.
“The CDR has the potential to reshape the consumer landscape in Australia and what one can envision through CDR is very exciting for consumers, businesses and innovation alike,” he said.