Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has 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 also 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 claims provides versatile financial services to people who have many cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a full range of banking products through the mobile app of its, which runs on both Android devices and iOS. It provides owners with credit cards and debit cards and also enables them to send as well as receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform various other banking-related tasks straight from the app. As a bonus for users, Oxygen doesn’t charge monthly fees, which means no overdraft, minimum or late balance charges are imposed.
Users are able to pick from a private or maybe 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 allows users to learn from the access as well as protection of Visa’s network. Furthermore, it leverages Visa’s real time push payment cure Visa Direct to ensure owners will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has enjoyed tremendous growth in the previous year, partly because of the coronavirus pandemic. It says greater than 125,000 accounts have been opened, with a 969 times revenue boost, nevertheless, it doesn’t deliver specific numbers and that progression is little doubt off a tiny base.
“This expense not simply validates what we have built but also enables us to go on pursuing our vision of creating monetary tools which integrate seamlessly with the digital world of delight and today our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we was looking to offer financial services in the same way people interact with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up its team and offer new financial products and services to users in order to accelerate its development.