Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised $17 million in a brand 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, as well as celebrity 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 gives versatile financial services to those who have several cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers a full range of banking products via its mobile app, which operates on both iOS and Android devices. It offers drivers with credit cards as well as debit cards and enables them to send and 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 users, Oxygen doesn’t charge month fees, this means no overdraft, minimum or late balance fees are imposed.
Owners are able to choose from a personal or perhaps business account, and they are able to top up their account any time by utilizing GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track program which makes it possible for users to learn from the access and security of Visa’s network. What’s more, it leverages Visa’s real-time push payment cure Visa Direct to make sure users will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and states it has experienced tremendous development in the past year, partly because of the coronavirus pandemic. It says greater than 125,000 accounts have been opened, with a 969 times revenue increase, although it does not deliver specific numbers and that progress is no doubt off a small base.
“This expense not just validates what we have made but also helps us to keep on pursuing the vision of ours of building monetary tools that integrate seamlessly with the digital world of delight and these days our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we wanted to provide financial services in the same way men and women interact with technology in their daily 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.