Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has 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, and also famous person and prominent fintech investors like 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 established a digital banking platform as well as mobile application that it claims gives flexible financial services to those who have several income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies a full range of banking services via its mobile app, which runs on both Android devices and iOS. It offers users with credit cards as well as debit cards and also allows them to send as well as receive money, apply for a virtual credit card, make payments in stores, 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.
Owners are able to select from a private or maybe business account, and they can top up their account any time by using GreenDot locations at stores such as Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track method that makes it possible for users to gain from the reach and safety measures of Visa’s network. What’s more, it leverages Visa’s real-time push payment solution Visa Direct to make certain owners will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and claims it has experienced tremendous progress in the previous year, partially because of 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 that progression is no doubt from a small base.
“This expense not only validates what we’ve built but also allows us to keep on pursuing our vision of creating monetary tools that integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we was looking to provide financial services in the same way people communicate with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up its staff and also offer new financial services and products to users to be able to accelerate its growth.