Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised seventeen dolars million in the latest round of funding.
Runa Capital led the Series A round, that also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, and even 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 built a digital banking platform as well as mobile application that it claims gives flexible financial services to individuals who have several income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers a full range of banking services through the mobile app of its, which runs on both Android devices and iOS. It offers drivers with credit cards as well as debit cards and also enables them to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform various other banking-related jobs straight from the app. As a bonus for users, Oxygen doesn’t charge monthly fees, this means no overdraft, late or minimum balance charges are imposed.
Owners can pick from a personal or perhaps 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 program which allows users to benefit from the reach as well as protection of Visa’s network. What’s more, it leverages Visa’s real time push payment cure Visa Direct to make certain owners will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has enjoyed great progress in the past year, partially because of the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969-times revenue boost, although it doesn’t deliver specific numbers and this progression is actually little doubt off a tiny base.
“This expense not just validates what we have made but also allows us to go on pursuing the vision of ours of creating financial tools that integrate seamlessly with the digital world of today and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we wanted to provide financial services in the exact same way individuals communicate 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 provide new financial services and products to users to be able to accelerate the development of its.