THE BIGGEST CONSUMER REFORM IN DECADES, LAYING THE GROUNDWORK FOR THE DIGITAL ECONOMY – WHY THE CDR WILL REVOLUTIONISE THE AUSTRALIAN ECONOMY AND HOW BIZA.IO WILL ENABLE THAT
18 AUGUST 2022
After achieving incredible results having bootstrapped the business to date, we are incredibly excited to partner with Stuart Low and the Biza team, co-leading their $7.5m Series A round to help accelerate growth as the CDR regime expands across an increasing number of industries.
PROBLEM AND SOLUTION
The Consumer Data Right (CDR) enables consumers to give permission to third parties to access their data using a secure, regulated system with consumers opting in to decide whether they share their data, who they share it with, and what it can be used for. The CDR is currently live in the banking and energy industries, with telco, non-bank lenders, superannuation, insurance and financial planning the next cabs off the rank.
Under the CDR, there is an endless number of benefits that can be delivered to consumers, such as helping to identify the highest interest savings account based on prior transaction data, or automatic switching of energy providers where potential savings are identified based on historical usage.
However, obligations imposed on data-holders under the regime are not only mandatory but complex, ambiguous and constantly changing, with high costs for non-compliance. This imposes a significant time and cost burden on businesses to both implement and manage compliance on an ongoing basis.
Biza is the only pure play CDR solutions vendor in market, and solves this incredibly complex regulatory problem for businesses, providing a proven, easily implemented and fully compliant solution in a matter of weeks.
As the CDR expands more broadly into new industries, through Biza’s ability to provide a solution encompassing identity security, API gateways and core banking systems in a CDR compliant manner, it has the opportunity to become a key piece infrastructure layer for the emerging open data economy.
BACKING A FOUNDER AND TEAM WITH UNMATCHED DOMAIN EXPERTISE
Experienced, innovative, dedicated. Biza has established a market leading position with a team of unmatched expertise in the realm of CDR. There is no better team than the leading voices of the CDR world. Founder and CEO Stuart Low is the largest non-government contributor to the CDR standards with 160+ contributions and 100+ improvements. He was previously the Engineering Lead for Data61, the group managing the CDR Data Standards Body.
The core team, which includes Mark, Ben and Thomas, have all been deeply involved in CDR space since its inception in 2018. Boasting a team with deep domain expertise and extensive experience across enterprise technology, SaaS platforms and data infrastructure, Biza is in the best possible hands to build a game-changing business in the CDR space.
MARKET LEADING SOLUTION IN A RAPIDLY EXPANDING SECTOR WITH REGULATORY TAILWINDS
A market-leading solution in a fast-growing sector with significant regulatory tailwinds. As the only pure-play CDR solutions vendor with a fully compliant solution, Biza has confidently delivered 12 data holder brands into the CDR and provided testing capability for more than 15 organisations as part of the open data rollout. It’s already working with the energy industry ahead of that industry’s own compliance deadline having secured some of the three energy majors mandated to activate by November 2022.
But don’t just take our word for it – when speaking to Biza’s happy customers during our due diligence, there isn’t much we like hearing more from large banking and energy clients than “Biza has a unique hold on the market” and “moving to Biza has been the best decision I have made in recent years.
Not only does Biza intend to continue to deliver outsized value to customers and further entrench itself as the market leader by rolling out a suite of additional software solutions to meet the ongoing CDR obligations, Biza’s turn-key solutions will be required by more and more businesses as the roll-out of the CDR continues and Australia’s open data economy expands – there are 4,000+ potential data holders in banking, energy and telco alone, with industries such as non-bank lenders, insurance, superannuation and financial planning yet to be designated.
IMPRESSIVE TRACK RECORD OF GROWTH WITH STRONG UNIT ECONOMICS AND CAPITAL EFFICIENCY
Growth squared. It’s hard not to love a fast growing business in a fast growing sector. Biza has demonstrated it has built a product that customers love, achieving 5x revenue growth over the past 12 months all on a bootstrapped budget. With this track record of growth, an ability to deliver for clients in an incredibly capital efficiency manner and a keen eye on the bottom line, you can see why we are so excited to see what Biza can achieve.
WHERE TO NEXT?
The CDR has the potential to reshape the consumer landscape in Australia and what one can imagine through CDR and the development of Australia’s open data economy is very exciting for consumers, businesses and innovation alike. Biza is uniquely positioned to capitalise on this opportunity.
With an expanding suite of market leading solutions for CDR participants, as the regime continues to expand into new industry verticals and the CDR becomes an increasingly integral part of the Australian economy, Biza will undoubtedly play a crucial role in supporting this ecosystem. And we’re excited to be a part of their journey.