Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised seventeen dolars 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, as well as famous person 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 established a digital banking platform as well as mobile application that it states provides versatile financial services to people who have several cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides an entire range of banking products via its mobile app, which operates on both iOS and Android devices. It provides owners with credit cards as well as debit cards and gives them the chance to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking-related tasks directly from the app. As a bonus for users, Oxygen does not charge month fees, this means no overdraft, minimum or late balance fees are imposed.
Users are able to pick from a personal or 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 makes it possible for users to learn from the access as well as security of Visa’s network. What’s more, it leverages Visa’s real time push payment solution Visa Direct to make sure owners may be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has enjoyed great advancement in the previous year, partly thanks to the coronavirus pandemic. It says more than 125,000 accounts have been opened, with a 969 times revenue increase, nevertheless, it does not give certain numbers and this growth is little doubt from a small base.
“This investment not simply validates what we have made but also helps us to continue pursuing the vision of ours of building financial equipment which integrate seamlessly with the digital world of these days and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we needed to offer financial services in the same way individuals communicate with technology in their daily lives.”
Oxygen said it plans to make use of the funding to scale up its staff as well as offer new financial services and products to users in order to accelerate the growth of its.