Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised seventeen dolars million in a brand new round of funding.
Runa Capital led the Series A round, that also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, and even 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 and mobile application that it claims gives flexible financial services to individuals who have multiple cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies a complete range of banking services via its mobile app, which operates on both iOS and Android devices. It offers users with credit cards and debit cards and also allows them to send as well as receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform other sorts of banking related jobs directly from the app. As a bonus for owners, Oxygen doesn’t charge month fees, this means no overdraft, minimum or late balance fees are imposed.
Owners are able to select from a personal or perhaps business account, and they can top up their account any time by utilizing GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track method that allows users to gain from the access as well as security of Visa’s network. What’s more, it leverages Visa’s real time push payment remedy Visa Direct to make sure users 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 because of the coronavirus pandemic. It claims in excess of 125,000 accounts have been opened, with a 969 times revenue increase, however, it doesn’t deliver specific numbers and that progress is actually no doubt off a tiny base.
“This investment not only validates what we have built but also makes it possible for 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 since we needed to provide financial services in the same way people communicate with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its staff and provide new financial products and services to users to be able to accelerate its development.