Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised seventeen dolars million in the latest round of financial backing.
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 says gives flexible financial services to individuals who have multiple income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides a complete range of banking products through its mobile app, which runs on both Android devices and iOS. It provides owners with credit cards and debit cards and also gives them the chance to send as well as receive cash, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking-related jobs directly from the app. As a bonus for owners, Oxygen doesn’t charge monthly fees, which means no overdraft, late or minimum balance charges are imposed.
Users can select from a personal or perhaps business account, and they can top up their account any time by using GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track method that makes it possible for users to gain from the grasp and safety measures of Visa’s network. Furthermore, it leverages Visa’s real time push payment solution Visa Direct to make sure owners can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and states it’s enjoyed great progress in the past year, partly because of the coronavirus pandemic. It says greater than 125,000 accounts have been opened, with a 969 times revenue increase, even thought it does not deliver specific numbers and that progress is actually little doubt from a small base.
“This investment not just validates what we’ve built but also allows us to go on pursuing our vision of building monetary equipment that integrate seamlessly with the digital world of delight and these days our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we wanted to offer financial services in the same way men and women interact with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up its team as well as present new financial products and services to users in order to accelerate the growth of its.