Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised seventeen dolars 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, as well as famous person 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 established a digital banking platform as well as mobile application that it claims provides versatile financial services to individuals who have multiple cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides an entire range of banking services through the mobile app of its, which runs on both Android devices and iOS. It offers owners with credit cards as well as debit cards and also enables them to send and receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking-related jobs straight 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 can select from a private or business account, and they can top up the account of theirs any time by utilizing GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track program that allows users to learn from the grasp as well as safety measures of Visa’s network. What’s more, it leverages Visa’s real-time push payment remedy Visa Direct to ensure owners may be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has enjoyed great growth in the past year, partly because of the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969 times revenue increase, though it doesn’t provide certain numbers and this progress is little doubt off a small base.
“This investment not only validates what we have built but also enables us to go on pursuing our vision of creating financial tools that integrate seamlessly with the digital world of today and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we was looking to offer financial services in the same way people communicate with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up its staff and also provide new financial services and products to owners to be able to accelerate the development of its.