Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised seventeen dolars million in a new round of financial backing.
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 such as 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 built a digital banking platform and mobile application that it claims provides flexible financial services to individuals who have numerous cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides an entire range of banking products through the mobile app of its, which runs on both iOS and Android devices. It provides drivers with credit cards as well as debit cards and also allows them to send as well as receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking-related jobs straight from the app. As a bonus for users, Oxygen does not charge monthly fees, which means no overdraft, minimum or late balance charges are imposed.
Users can choose from a personal or maybe business account, and they are able to top up their account any time by using GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track method which enables users to learn from the access and safety measures of Visa’s network. It also leverages Visa’s real-time push payment solution Visa Direct to ensure owners can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it has experienced tremendous expansion in the past year, partially because of the coronavirus pandemic. It claims greater than 125,000 accounts have been opened, with a 969-times revenue increase, nonetheless, it does not deliver specific numbers and this progression is actually no doubt off a small base.
“This investment not simply validates what we’ve made but also helps us to go on pursuing our vision of creating monetary equipment which integrate seamlessly with the digital world of delight and today our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen because we wanted to offer financial services in the exact same way individuals interact with technology in their daily lives.”
Oxygen said it plans to make use of the funding to scale up its team and also offer new financial services and products to users to be able to accelerate the growth of its.