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, as well as celebrity and prominent fintech investors such as Frank Strauss, of the private & Commercial 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 claims gives flexible financial services to individuals who have several income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform offers 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 enables them to send and receive cash, apply for a virtual credit card, make payments in stores, apply for loans and perform many other banking related tasks straight from the app. As a bonus for users, Oxygen does not charge monthly fees, which means no overdraft, late or minimum balance fees are imposed.
Owners can pick from a personal or perhaps business account, and they can top up their account any time by using GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track system which makes it possible for users to benefit from the reach and safety measures 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 its services in January 2020 ia on of Top Fintech Companies and states it has experienced huge growth in the previous year, partially thanks to the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969-times revenue increase, even thought it doesn’t provide certain numbers and that growth is actually little doubt from a tiny base.
“This expense not just validates what we have made but also makes it possible for us to keep on pursuing our vision of building financial equipment that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we needed to offer financial services in the exact same way people interact with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up the team of its as well as offer new financial products and services to owners to be able to accelerate its growth.