Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it’s raised seventeen dolars million in a new round of funding.
Runa Capital led the Series A round, that also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, and also celebrity and prominent fintech investors like 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 established a digital banking platform as well as mobile application that it says provides versatile financial services to individuals who have multiple cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers an entire range of banking services via its mobile app, which operates on both Android devices and iOS. It offers owners with credit cards and debit cards and also enables them to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking-related tasks straight from the app. As a bonus for owners, Oxygen doesn’t charge monthly fees, which means no overdraft, minimum or late balance fees are imposed.
Owners can pick from a private or perhaps business account, and they can top up the account of theirs any time by using GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track system that makes it possible for users to benefit from the reach and protection of Visa’s network. What’s more, it leverages Visa’s real-time push payment cure Visa Direct to make sure owners can be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and claims it has enjoyed tremendous growth in the previous year, partially thanks to the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969-times revenue increase, nonetheless, it doesn’t provide certain numbers and this progress is actually little doubt off a small base.
“This expense not just validates what we’ve made but also enables us to continue pursuing our vision of building monetary equipment which integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we was looking to provide financial services in the exact same way people interact with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up the team of its as well as present new financial products and services to owners to be able to accelerate its growth.