Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised $17 million in a 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 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 as well as mobile application that it states provides versatile financial services to those who have numerous income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform offers a complete range of banking services via its mobile app, which runs on both iOS and Android devices. It provides drivers with credit cards as well as debit cards and also enables them to send as well as receive cash, 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, which means no overdraft, late or minimum balance charges are imposed.
Users are able to choose from a personal or maybe business account, and they can 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 method that allows users to benefit from the grasp and safety measures of Visa’s network. Furthermore, it leverages Visa’s real-time push payment solution Visa Direct to ensure users will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it’s enjoyed tremendous advancement in the past year, partially thanks to the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969-times revenue boost, however, it doesn’t provide certain numbers and this progression is actually little doubt from a small base.
“This expense not simply validates what we’ve made but also makes it possible for us to go on pursuing our vision of creating financial tools which integrate seamlessly with the digital world of these days and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen since we needed to offer financial services in the same way individuals communicate with technology in their daily lives.”
Oxygen said it plans to make use of the funding to scale up the staff of its as well as present new financial products and services to users in order to accelerate its development.