Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised seventeen dolars million in a brand new 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, 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 established a digital banking platform and mobile application that it claims gives versatile financial services to individuals who have many income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies an entire range of banking services via its mobile app, which operates on both Android devices and iOS. It provides users with credit cards and debit cards and enables them to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking-related jobs directly from the app. As a bonus for owners, Oxygen does not charge monthly fees, which means no overdraft, late or minimum balance charges 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 system that makes it possible for users to learn from the access as well as safety measures of Visa’s network. What’s more, it leverages Visa’s real time push payment remedy Visa Direct to ensure owners will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it has experienced great progress in the previous year, partially thanks to the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969 times revenue boost, nevertheless, it doesn’t deliver specific numbers and that progression is actually no doubt from a small base.
“This investment not only validates what we’ve made but also helps us to keep on pursuing our vision of building monetary equipment that integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen as we was looking to offer financial services in the exact same way men and women interact with technology in their daily lives.”
Oxygen said it plans to utilize the funding to scale up its staff and provide new financial products and services to users to be able to accelerate the growth of its.