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, which also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, as well as celebrity 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 states provides flexible financial services to those who have many cash flow streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides an entire range of banking services via its mobile app, which operates on both Android devices and iOS. It provides drivers with credit cards and debit cards and gives them the chance to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform various other banking related tasks from the app. As a bonus for users, Oxygen does not charge monthly fees, this means no overdraft, minimum or late balance charges are imposed.
Owners can pick from a private or business account, and they are able to top up their account any time by utilizing GreenDot locations at stores like Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track system that makes it possible for users to learn from the grasp as well as security of Visa’s network. What’s more, it leverages Visa’s real time push payment remedy Visa Direct to make certain users can be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it has enjoyed huge advancement in the previous year, partially because of the coronavirus pandemic. It claims greater than 125,000 accounts have been opened, with a 969 times revenue boost, however, it does not provide specific numbers and that growth is actually little doubt from a tiny base.
“This expense not just validates what we’ve built but also makes it possible for us to keep on pursuing the vision of ours of building monetary equipment which integrate seamlessly with the digital world of delight and these days our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We founded Oxygen since we needed to offer financial services in the exact same way men and women communicate with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its team as well as offer new financial services and products to users to be able to accelerate its growth.