Superannuation RegTech Nuj Secures $2 Million in Seed Funding

As part of a $4 million equity and loan arrangement for the firm, Mimecast cofounder and angel investor Peter Bauer led a $2 million Seed round for superannuation industry regtech Nuj.

To help superannuation trustees and executives manage their risk programs ahead of the curve, Nuj, a data platform and insights engine situated between superannuation funds and the regulator, was created in 2020 by Matthew McKenzie. MUFG, AMP, and Equity Trustees are among the companies that use the Nuj data platform.

According to McKenzie, CEO of Nuj, the money will be utilized to seize further chances in new areas and developing technology. They are really lucky to have Peter and his team on board with them as they develop, he said, adding that the capital raising is a major milestone for Nuj and has inspired his staff to do better and go larger. They can gain a lot from Peter's expertise in scaling a robust data-driven solution because he has been there before.

McKenzie had ten years of superannuation expertise, and Nuj was the product of his frustrations with antiquated systems that were unable to efficiently use data. He has grown the Sydney startup to employ 16 people. According to Bauer, cofounder and former CEO of the multinational cyber-security firm Mimecast, he has been following Nuj for a few years and was pleased with the company's approach to regulatory compliance.

According to Matthew McKenzie, Nuj's reporting platform reduces the regulatory load on trustees as a result of growing superannuation regulatory reporting requirements and enhanced transparency measures.