Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised $17 million in a brand 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, and also famous person 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 built a digital banking platform and mobile application that it says provides versatile financial services to individuals who have many income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a complete range of banking products via the mobile app of its, which operates on both iOS and Android devices. It offers drivers with credit cards and debit cards and enables them to send as well as receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking related tasks from the app. As a bonus for users, Oxygen does not charge monthly fees, this means no overdraft, minimum or late balance fees are imposed.
Owners are able to choose from a personal or maybe business account, and they can top up the account of theirs any time by using GreenDot locations at stores such as Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track system that allows users to learn from the access and protection of Visa’s network. Furthermore, it leverages Visa’s real time push payment remedy Visa Direct to ensure users will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it’s enjoyed huge growth in the past year, partially because of the coronavirus pandemic. It claims more than 125,000 accounts have been opened, with a 969-times revenue increase, nevertheless, it doesn’t give specific numbers and this growth is no doubt from a tiny base.
“This expense not only validates what we’ve made but also helps us to continue pursuing the vision of ours of building financial tools that integrate seamlessly with the digital world of today and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we was looking to provide financial services in the exact same way people communicate with technology in their everyday lives.”
Oxygen said it plans to utilize the funding to scale up the team of its and also offer new financial services and products to users in order to accelerate the development of its.