Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it’s raised $17 million in a 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 says provides flexible financial services to people who have many cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform offers an entire range of banking services via its mobile app, which operates on both Android devices and iOS. It offers owners with credit cards as well as debit cards and allows them to send as well as receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking related tasks directly from the app. As a bonus for users, Oxygen does not charge monthly fees, which means no overdraft, minimum or late balance fees are imposed.
Users can choose from a private 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 system which enables users to gain from the reach as well as safety measures of Visa’s network. What’s more, it leverages Visa’s real time push payment cure Visa Direct to ensure users can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and states it’s experienced tremendous growth in the previous year, partially thanks to the coronavirus pandemic. It claims more than 125,000 accounts have been opened, with a 969-times revenue increase, even thought it doesn’t deliver certain numbers and this progression is actually no doubt off a tiny base.
“This investment not simply validates what we have made but also allows us to keep on pursuing our vision of building monetary equipment that integrate seamlessly with the digital world of today and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we was looking to provide financial services in the same way individuals interact with technology in their daily lives.”
Oxygen said it plans to utilize the funding to scale up the staff of its and also present new financial services and products to users to be able to accelerate the growth of its.