Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s 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, and also famous person and prominent fintech investors such as Frank Strauss, of the Commercial and private 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 as well as mobile application that it states provides versatile financial services to people who have several cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies a full range of banking products through its mobile app, which operates on both iOS and Android devices. It provides drivers with credit cards and debit cards and also allows them to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking related tasks from the app. As a bonus for users, Oxygen doesn’t charge month fees, this means no overdraft, minimum or late balance fees are imposed.
Users can pick 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 such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track system which enables users to benefit from the grasp and protection of Visa’s network. It also leverages Visa’s real-time push payment solution Visa Direct to ensure owners will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and states it’s enjoyed great progress in the past year, partially thanks to the coronavirus pandemic. It claims in excess of 125,000 accounts have been opened, with a 969 times revenue increase, though it does not deliver specific numbers and that progression is actually no doubt from a tiny base.
“This expense not only validates what we have built but also allows us to keep on pursuing our vision of creating financial tools which integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we needed to offer financial services in the same way individuals communicate with technology in their daily lives.”
Oxygen said it plans to make use of the funding to scale up the staff of its as well as provide new financial services and products to owners to be able to accelerate the development of its.