Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised $17 million in a new round of financial backing.
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 established a digital banking platform and mobile application that it says provides flexible financial services to individuals who have numerous income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a complete range of banking services via its mobile app, which operates on both Android devices and iOS. It offers users with credit cards as well as debit cards and also gives them the chance to send as well as receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking related tasks straight from the app. As a bonus for users, Oxygen doesn’t charge monthly fees, which means no overdraft, late or minimum balance charges are imposed.
Owners are able to choose from a private or business account, and they are able to top up their account any time by using GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track method which allows users to learn from the grasp as well as protection of Visa’s network. Furthermore, it leverages Visa’s real time push payment remedy Visa Direct to ensure owners may be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it’s experienced tremendous development in the previous year, partially thanks to the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969-times revenue increase, however, it doesn’t deliver specific numbers and that progression is actually little doubt off a tiny base.
“This investment not simply validates what we have made but also enables us to go on pursuing our vision of creating monetary equipment that integrate seamlessly with the digital world of today and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen since we needed to offer financial services in the exact same way people interact with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up the team of its and present new financial products and services to owners to be able to accelerate the growth of its.