Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it’s raised $17 million in a brand new round of financial backing.
Runa Capital led the Series A round, which 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 states gives versatile financial services to those who have multiple cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies an entire range of banking services through the mobile app of its, which runs on both Android devices and iOS. It provides owners with credit cards as well as debit cards and gives them the chance to send and receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform other sorts of banking-related tasks straight from the app. As a bonus for users, Oxygen doesn’t charge month fees, which means no overdraft, late or minimum balance fees are imposed.
Users can select from a private or maybe business account, and they are able to top up their account any time by using GreenDot locations at stores like Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track program that allows users to gain from the grasp and protection of Visa’s network. It also leverages Visa’s real time push payment remedy Visa Direct to make sure users can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it has experienced tremendous development in the previous year, partly because of the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969 times revenue increase, nonetheless, it doesn’t deliver certain numbers and this progression is little doubt from a small base.
“This expense not just validates what we’ve built but also enables us to go on pursuing our vision of building monetary tools that integrate seamlessly with the digital world of today and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we wanted to provide financial services in the exact same way individuals interact with technology in their everyday lives.”
Oxygen said it plans to utilize the funding to scale up its team and present new financial products and services to owners to be able to accelerate the growth of its.