Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised seventeen dolars 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 as well as mobile application that it says gives versatile financial services to individuals who have several income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a complete range of banking services through its mobile app, which operates on both Android devices and iOS. It provides owners with credit cards as well as debit cards and also allows them to send as well as receive cash, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking related tasks from the app. As a bonus for users, Oxygen does not charge monthly fees, this means no overdraft, minimum or late balance fees are imposed.
Owners are able to pick from a personal or perhaps business account, and they can 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 that enables users to learn from the reach as well as safety measures of Visa’s network. It also leverages Visa’s real-time push payment cure Visa Direct to ensure owners can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it’s experienced great growth in the previous year, partly thanks to the coronavirus pandemic. It claims greater than 125,000 accounts have been opened, with a 969 times revenue increase, though it does not deliver certain numbers and that progression is no doubt from a small base.
“This expense not simply validates what we’ve made but also makes it possible for us to continue pursuing our vision of building financial tools that integrate seamlessly with the digital world of today and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we was looking to provide financial services in the same way individuals interact with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its staff and also present new financial products and services to owners to be able to accelerate its growth.