Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised $17 million in the latest 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, 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 gives flexible financial services to individuals who have numerous income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a full range of banking services through the mobile app of its, which operates on both iOS and Android devices. It provides drivers with credit cards as well as debit cards and also allows them to send and receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking related tasks directly from the app. As a bonus for owners, Oxygen doesn’t charge monthly fees, which means no overdraft, late or minimum balance fees are imposed.
Owners can select from a private or perhaps business account, and they are able to top up the account of theirs any time by using GreenDot locations at stores like Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track method that makes it possible for users to benefit from the grasp as well as security of Visa’s network. It also leverages Visa’s real time push payment cure Visa Direct to make certain 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 experienced great advancement in the past year, partly because of the coronavirus pandemic. It states in excess of 125,000 accounts have been opened, with a 969-times revenue increase, nonetheless, it doesn’t deliver specific numbers and this growth is no doubt from a tiny base.
“This investment not only validates what we have made but also allows us to go on pursuing our vision of creating financial 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 needed to provide financial services in the same way men and women interact with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up the staff of its as well as offer new financial products and services to users in order to accelerate the development of its.