Biza.io closes $7.5 million Series A

Australian Consumer Data Right (CDR) solution provider Biza.io has successfully raised $7.5 million in a Series A funding round.

Stuart Low, founder and CEO, Biza.io

The round was led by OIF Ventures and Jelix Ventures, the first investors in the company, as prior to the Series A the company was bootstrapped having not raised external capital.

According to Biza.io founder and CEO Stuart Low, “Welcoming OIF Ventures and Jelix Ventures as our first investors puts us in a fantastic position to capitalise on the current market opportunities. Both funds' reputations for backing high conviction founders and companies coupled with their unparalleled experience in nurturing founders and early-stage start-ups are going to be invaluable to our growth and we’re excited to begin the next phase of Biza.io alongside the OIF and Jelix teams.”  

Low founded Biza.io from his own garage in 2017 and has since onboarded customers including Unloan, Bank First, Regional Australia Bank, TrueLayer, The Capricornian and Family First Bank.

“Participating in the Consumer Data Right isn’t easy, and compliance is even harder, but we’ve proven that it can be done in a reasonable amount of time by a small team without costing millions of dollars,” said Low.

“We hear a lot of organisations being very vocal about the hurdles to meet their respective deadlines, but the truth is, they’re choosing the wrong partners and this leads them to focus purely on compliance. Biza customers have spent just 5 percent of typical build costs allowing them to invest in the innovation opportunities that the Consumer Data Right can truly enable.”

Biza.io has develivered 12 data holder brands into the CDR to date and has provided testing capability for 15 more as part of the open data roll out.

According to Daniel Oertli, CEO at the Commonwealth Bank’s digital home loan provider Unloan, “We congratulate Stuart and the Biza.io team on closing their Series A funding. The Unloan team was very impressed by Biza.io’s CDR solution, and their expertise in this complex field helped Unloan meet its data holder obligations in just four weeks at a fraction of the cost. We look forward to continuing the relationship with Biza.io as the company and the CDR evolve.”

Laurence Schwartz, general partner of OIF Ventures said, “Stuart and the Biza.io team have built a turn-key solution for enabling Data Holders and brings unrivalled experience and technology capability as a result. Stuart has been a visionary contributor to the CDR since the very beginning and we are excited by what he and the entire team have coming up next.”

A board of directors has been created for Biza.io, with Stuart Low and chief people and culture officer Sally Park appointed to the board.