Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it’s raised $17 million in a brand new round of funding.
Runa Capital led the Series A round, which also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, as well as famous person and prominent 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 built a digital banking platform as well as mobile application that it claims gives versatile financial services to people who have several income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers an entire range of banking products via 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 and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking-related jobs straight 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 choose from a private or maybe business account, and they are able to top up their account any time by using GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track program which enables users to gain from the grasp and security of Visa’s network. Furthermore, it leverages Visa’s real time push payment solution Visa Direct to make sure owners will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and claims it has enjoyed great progress in the past year, partly thanks to the coronavirus pandemic. It says in excess of 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 tiny base.
“This expense not only validates what we’ve built but also enables us to go on pursuing our vision of creating financial equipment 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 offer financial services in the same way individuals communicate with technology in their everyday lives.”
Oxygen said it plans to utilize the funding to scale up the team of its and also provide new financial services and products to owners to be able to accelerate the growth of its.