Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it’s raised seventeen dolars million in the latest 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 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 established a digital banking platform and mobile application that it states provides flexible financial services to individuals who have many income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies a complete range of banking services via its mobile app, which operates on both Android devices and iOS. It offers drivers with credit cards as well as debit cards and allows them to send and receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking related jobs directly from the app. As a bonus for users, Oxygen does not charge monthly fees, this means no overdraft, late or minimum balance charges are imposed.
Owners can choose from a personal or maybe business account, and they can top up their account any time by utilizing GreenDot locations at stores such as Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track method that allows users to learn from the grasp and protection of Visa’s network. What’s more, it leverages Visa’s real time push payment remedy 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 states it’s experienced 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 boost, although it doesn’t provide certain numbers and that progress is actually little doubt off a tiny base.
“This expense not only validates what we have built but also makes it possible for us to keep on pursuing the vision of ours of creating monetary tools that integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen because we was looking to offer financial services in the same way men and women communicate with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up the team of its and provide new financial products and services to users to be able to accelerate the development of its.