Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised seventeen dolars million in a new round of funding.
Runa Capital led the Series A round, that also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, as well as celebrity 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 says gives flexible financial services to people who have numerous income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies a complete range of banking services via its mobile app, which runs on both Android devices and iOS. It provides owners with credit cards as well as debit cards and also gives them the chance to send as well as receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform many other banking-related jobs from the app. As a bonus for users, Oxygen doesn’t charge monthly fees, which means no overdraft, minimum or late balance fees are imposed.
Users can select from a personal or business account, and they are able to top up the account of theirs any time by utilizing GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track program which allows users to gain from the grasp and protection of Visa’s network. What’s more, it leverages Visa’s real time push payment solution Visa Direct to make certain owners can be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it’s experienced huge expansion in the previous year, partly thanks to the coronavirus pandemic. It says more than 125,000 accounts have been opened, with a 969-times revenue increase, however, it does not give specific numbers and this progression is actually little doubt from a tiny base.
“This investment not just validates what we’ve made but also makes it possible for us to continue pursuing the vision of ours of building monetary equipment that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since 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 staff as well as provide new financial services and products to users in order to accelerate the development of its.