Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it’s raised $17 million in a new round of financial backing.
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 as well as mobile application that it says provides versatile financial services to those who have several income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies an entire range of banking services via its mobile app, which operates on both Android devices and iOS. It provides users with credit cards and debit cards and gives them the chance to send as well as receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform many other banking related jobs directly from the app. As a bonus for users, Oxygen doesn’t charge month fees, which means no overdraft, minimum or late balance charges are imposed.
Owners are able to pick from a private or business account, and they are able to top up the account of theirs any time by utilizing GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track method which enables users to gain from the grasp as well as security of Visa’s network. What’s more, it leverages Visa’s real time push payment remedy Visa Direct to ensure owners will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it has experienced huge progress in the previous year, partially thanks to the coronavirus pandemic. It says in excess of 125,000 accounts have been opened, with a 969-times revenue increase, nonetheless, it doesn’t give specific numbers and that growth is actually no doubt off a small base.
“This expense not simply validates what we’ve made but also allows us to go on pursuing our vision of creating monetary equipment which integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we wanted to offer financial services in the exact same way individuals interact with technology in their daily lives.”
Oxygen said it plans to make use of the funding to scale up its team as well as provide new financial services and products to owners to be able to accelerate its growth.