Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised seventeen dolars million in the latest 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 celebrity 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 and mobile application that it states provides versatile financial services to people who have many cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies a full range of banking products via its mobile app, which runs on both iOS and Android devices. It offers drivers with credit cards and debit cards and enables them to send and receive cash, apply for a virtual credit card, make payments in stores, apply for loans and perform many other banking related jobs from the app. As a bonus for users, Oxygen does not charge monthly fees, which means no overdraft, minimum or late balance charges are imposed.
Users can pick from a personal or business account, and they can top up their account any time by using GreenDot locations at stores like Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track system which allows users to benefit from the reach as well as security of Visa’s network. It also leverages Visa’s real time push payment solution Visa Direct to make certain users will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has experienced huge advancement in the past year, partly thanks to the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969 times revenue increase, though it does not provide certain numbers and this progression is little doubt from a tiny base.
“This investment not only validates what we have made but also allows us to continue pursuing our vision of building monetary 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 men and women communicate with technology in their everyday lives.”
Oxygen said it plans to utilize the funding to scale up the team of its as well as provide new financial products and services to users in order to accelerate the development of its.