Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised seventeen dolars million in a brand 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 even 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 provides versatile financial services to those who have many cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a complete range of banking products through the mobile app of its, which operates on both iOS and Android devices. It offers drivers with credit cards as well as debit cards and enables them to send and receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking related tasks straight from the app. As a bonus for users, Oxygen does not charge month fees, which means no overdraft, late or minimum balance fees are imposed.
Owners are able to select from a private or perhaps business account, and they are able to top up the account of theirs any time by utilizing GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track method that allows users to gain from the access as well as protection of Visa’s network. It also leverages Visa’s real time push payment solution Visa Direct to make sure owners can be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has enjoyed huge advancement in the past year, partly because of the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969-times revenue increase, however, it does not give certain numbers and that growth is no doubt from a tiny base.
“This investment not simply validates what we’ve made but also helps us to keep on pursuing the vision of ours of creating financial equipment that integrate seamlessly with the digital world of today and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we needed 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 its team and provide new financial services and products to users to be able to accelerate the development of its.