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Fintech startup Oxygen raises $17M in Series A round

Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised seventeen dolars million in the latest round of funding.

Runa Capital led the Series A round, that also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, and also famous person and prominent fintech investors like Frank Strauss, of the private & Commercial Bank for Deutsche Bank AG, Plaid Inc. co founder William Hockey, Ankur Nagpal, Peter Treadway and NFL wide receiver Larry Fitzgerald.

Oxygen has built a digital banking platform and mobile application that it claims gives flexible financial services to those who have several income streams, freelance or contract work working arrangements.

According to Fintech Definition the platform supplies an entire range of banking services through the mobile app of its, which operates on both iOS and Android devices. It provides owners with credit cards and debit cards and also enables them to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking related jobs from the app. As a bonus for users, Oxygen doesn’t charge month fees, this means no overdraft, minimum or late balance charges are imposed.

Users can select from a personal or perhaps business account, and they can top up their account any time by using GreenDot locations at stores like Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track method which enables users to gain from the reach as well as security of Visa’s network. It also leverages Visa’s real-time push payment remedy Visa Direct to make certain owners will be paid fast.

The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it has enjoyed tremendous growth in the previous year, partially thanks to the coronavirus pandemic. It states in excess of 125,000 accounts have been opened, with a 969 times revenue increase, nonetheless, it doesn’t deliver certain numbers and this progress is little doubt from a small base.

“This investment not only validates what we’ve made but also enables us to go on pursuing our vision of building financial equipment that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we wanted to provide financial services in the same way people communicate with technology in their everyday lives.”

Oxygen said it plans to use the funding to scale up its team and offer new financial products and services to users in order to accelerate its development.

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