Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised $17 million in a brand new round of funding.
Runa Capital led the Series A round, which 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 says provides versatile financial services to people who have numerous income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies an entire range of banking services through its mobile app, which runs on both Android devices and iOS. It provides drivers with credit cards and debit cards and also allows them to send as well as receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking related jobs from the app. As a bonus for users, Oxygen doesn’t charge monthly fees, this means no overdraft, minimum or late balance fees are imposed.
Users can pick from a personal or maybe business account, and they are able to top up their account any time by utilizing GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track method that makes it possible for users to gain from the access as well as security of Visa’s network. It also leverages Visa’s real-time push payment cure Visa Direct to make sure owners may be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it’s experienced great growth in the previous year, partly thanks to the coronavirus pandemic. It claims more than 125,000 accounts have been opened, with a 969-times revenue increase, even thought it does not provide specific numbers and that progress is actually no doubt from a tiny base.
“This expense not simply validates what we have built but also allows us to go on pursuing our vision of building financial equipment which integrate seamlessly with the digital world of delight and these days our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we was looking to provide financial services in the exact same way men and women interact with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its staff and also provide new financial products and services to users to be able to accelerate the development of its.