Australian fintech Nuj secures $4 million in seed funding
The regtech startup has secured equity and debt funding to grow its superannuation data platform, opting for family office backing over venture capital.
Superannuation technology platform Nuj has secured $4 million in seed funding from Mimecast co-founder Peter Bauer, combining equity investment with an innovative seven-year debt facility — reflecting growing flexibility in early-stage financing.
"Nuj has built a powerful data platform that addresses an expensive challenge across the super industry — one of staying ahead in compliance with regulations," said Bauer. "At the same time as more firms seek to leverage AI, we know that AI is only as smart as the data that it works from."
The funding structure, split equally between equity and debt, emerged after Nuj founder and CEO Matthew McKenzie explored traditional venture capital but found family office backing “better suited” to the regulatory technology provider’s growth trajectory.
"VCs look at the [superannuation] market and say it's not big enough at this stage," McKenzie said, explaining the challenge of pitching a superannuation-focused technology platform to venture investors.
