Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised seventeen dolars million in the latest round of financial backing.
Runa Capital led the Series A round, which 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 established a digital banking platform and mobile application that it claims provides versatile financial services to those who have many income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers a full range of banking products through its mobile app, which runs on both Android devices and iOS. It provides owners with credit cards as well as debit cards and 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 various other banking-related jobs directly 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 are able to select from a personal or business account, and they can top up the account of theirs any time by using GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track program which makes it possible for users to gain from the access and protection of Visa’s network. Furthermore, it leverages Visa’s real-time push payment cure Visa Direct to make sure owners can be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it has enjoyed huge expansion in the previous year, partly because of the coronavirus pandemic. It states in excess of 125,000 accounts have been opened, with a 969-times revenue increase, however, it does not provide certain numbers and this progression is little doubt from a tiny base.
“This expense not only validates what we have built but also enables us to continue pursuing our vision of creating financial tools that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we wanted to offer financial services in the exact same way people communicate with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up its team and also present new financial products and services to users to be able to accelerate its development.