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 even famous person and prominent fintech investors such as 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 built a digital banking platform and mobile application that it claims provides versatile financial services to people who have several income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides an entire range of banking products through its mobile app, which runs on both iOS and Android devices. It offers owners with credit cards as well as debit cards and allows them to send as well as 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 doesn’t charge month fees, this means no overdraft, late or minimum balance charges are imposed.
Owners are able to select from a personal or business account, and they can top up their account any time by utilizing GreenDot locations at stores like Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track program that allows users to learn from the reach as well as protection of Visa’s network. Furthermore, it leverages Visa’s real time push payment remedy Visa Direct to ensure users may be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and states it’s experienced huge advancement in the past year, partly thanks to the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969 times revenue boost, although it does not give specific numbers and that progression is actually no doubt off a small base.
“This investment not simply validates what we’ve built but also enables us to continue pursuing our vision of creating monetary equipment which integrate seamlessly with the digital world of delight and today our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen because we wanted to provide financial services in the same way people interact with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up its team as well as offer new financial products and services to owners in order to accelerate its growth.