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, and even famous person 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 established a digital banking platform as well as mobile application that it states gives flexible financial services to individuals who have multiple income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers a complete range of banking products via its mobile app, which operates on both Android devices and iOS. It offers users with credit cards as well as debit cards and also gives them the chance 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 straight 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.
Owners can select from a private or business account, and they are able to top up their account any time by utilizing GreenDot locations at stores like Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track method that allows users to learn from the access as well as protection of Visa’s network. Furthermore, it leverages Visa’s real time push payment solution Visa Direct to ensure users can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it’s experienced huge development in the past year, partly because of the coronavirus pandemic. It says more than 125,000 accounts have been opened, with a 969-times revenue boost, nonetheless, it doesn’t provide specific numbers and that progress is actually no doubt from a tiny base.
“This investment not only validates what we have built but also allows us to go on pursuing our vision of building financial tools that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen since we was looking to offer financial services in the exact same way individuals interact with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up the team of its and also offer new financial services and products to users to be able to accelerate the development of its.