Oxygen is the digital bank startup that focuses on supporting freelancers and other individuals with multiple streams of revenue raise $17 million Series A, led by Runa Capital -Digital bank start-up ReliefClub, Inc., which trades as Oxygen has announced that they have raised $17million through the latest round of funding.
The digital banking company ReliefClub Inc., known as Oxygen, announced that the company has raised $17 million through an additional round of capital.
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Runa Capital led the Series A round, which comprised participation by S7V 1984.VC, EFG Hermes, Rucker Park, and Inventures, and notable and famous fintech investors, such as 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 created an online banking platform and mobile application that offers flexible financial services to those with many sources of income, contracts, or work from home.
The platform can provide a complete variety of banking options through its mobile application that runs on both iOS and Android gadgets. It allows users to use debit and credit cards with the ability to transfer and receive cash, apply for a virtual credit card, pay in retail stores, apply for loans, and carry out other banking-related functions directly through the application. In addition, Oxygen doesn’t charge customers monthly fees, meaning there are no late, overdraft, or minimum balance charges.
Customers can select either a business or a personal account. They can replenish their accounts at any time by using GreenDot points at retailers like Walmart and Walgreens. Oxygen has joined forces with Visa Inc. on its Fast Track program, enabling customers to take advantage of the security and reach that Visa’s networks offer. The program also uses Visa’s real-time push payment system Visa Direct to ensure users are paid quickly.
The company started its service in January 2020.
It claims it has experienced massive growth over the last year, largely due to the coronavirus epidemic. It claims that more than 125,000 accounts have been created, which is a 969-fold growth, but it does not give specific figures and is based on the back of a tiny base.
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“This investment not only validates what we’ve built but also enables us to continue pursuing our vision of building financial tools that integrate seamlessly with the digital world of today and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen because we wanted to provide financial services in the same way people interact with technology in their everyday lives.”
Oxygen has announced plans to utilize the money to ramp its staff and provide new financial services and products for customers to speed up its growth.