Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised $17 million in a brand new 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, and also famous person 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 established a digital banking platform and mobile application that it says gives versatile financial services to those who have many income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers a full range of banking services through the mobile app of its, which runs on both iOS and Android devices. It offers owners with credit cards and debit cards and gives them the chance to send and receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking-related jobs directly from the app. As a bonus for owners, Oxygen does not charge monthly fees, this means no overdraft, late or minimum balance fees are imposed.
Users are able to choose from a personal or maybe business account, and they are able to top up the account of theirs any time by using GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track system which allows users to benefit from the grasp as well as protection of Visa’s network. Furthermore, it leverages Visa’s real-time push payment solution Visa Direct to make certain users may be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and states it’s enjoyed great progress in the past year, partly thanks to the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969 times revenue increase, although it does not provide certain numbers and that progress is no doubt from a tiny base.
“This expense not simply validates what we have built but also allows us to go on pursuing the vision of ours of building financial equipment which integrate seamlessly with the digital world of delight and today our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we was looking to provide financial services in the exact same way individuals interact with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its staff and provide new financial products and services to owners in order to accelerate its growth.