Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised $17 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 celebrity and prominent fintech investors like 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 as well as mobile application that it claims gives flexible financial services to individuals who have multiple cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies a full range of banking products through its mobile app, which runs on both iOS and Android devices. It offers users with credit cards as well as debit cards and also 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 straight from the app. As a bonus for owners, Oxygen does not charge month fees, which means no overdraft, minimum or late balance fees are imposed.
Owners can pick from a private or maybe business account, and they can top up their account any time by utilizing GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track system which makes it possible for users to gain from the grasp as well as safety measures of Visa’s network. It also leverages Visa’s real-time push payment solution Visa Direct to make certain owners will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it has experienced tremendous expansion in the previous year, partly because of the coronavirus pandemic. It claims greater than 125,000 accounts have been opened, with a 969-times revenue boost, however, it doesn’t deliver specific numbers and this growth is no doubt from a small base.
“This expense not just validates what we’ve built but also helps us to go on pursuing our vision of building financial equipment which integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we was looking to offer financial services in the same way men and women communicate with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up its team and also present new financial products and services to owners in order to accelerate the development of its.