Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised seventeen dolars 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 even celebrity 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 built a digital banking platform and mobile application that it claims gives flexible financial services to people who have multiple income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides an entire range of banking services via the mobile app of its, which operates on both Android devices and iOS. It provides owners with credit cards as well as debit cards and also gives them the chance to send as well as receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform other sorts of banking related tasks straight from the app. As a bonus for users, Oxygen does not charge month fees, which means no overdraft, late or minimum balance charges are imposed.
Owners are able to choose from a personal or business account, and they are able to top up the account of theirs any time by utilizing GreenDot locations at stores such as Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track program that allows users to learn from the grasp as well as protection of Visa’s network. What’s more, 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’s enjoyed huge advancement in the previous year, partly because of the coronavirus pandemic. It claims more than 125,000 accounts have been opened, with a 969 times revenue increase, nonetheless, it doesn’t deliver specific numbers and this progress is little doubt from a tiny base.
“This investment not just validates what we have made but also enables us to go on pursuing the vision of ours of creating financial tools that integrate seamlessly with the digital world of today and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we needed to provide financial services in the exact same way men and women communicate with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its team as well as provide new financial products and services to owners to be able to accelerate the growth of its.