Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised $17 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 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 states provides flexible financial services to people who have many income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform offers a complete range of banking products via the mobile app of its, which runs on both iOS and Android devices. It provides drivers with credit cards and debit cards and also gives them the chance to send and receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform various other banking related jobs from the app. As a bonus for owners, Oxygen does not charge month fees, which means no overdraft, late or minimum balance charges are imposed.
Users are able to select from a private or perhaps business account, and they can 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 program which enables users to learn from the access as well as protection of Visa’s network. Furthermore, it leverages Visa’s real time push payment remedy Visa Direct to ensure owners may be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and states it has experienced huge expansion in the previous year, partially because of the coronavirus pandemic. It claims in excess of 125,000 accounts have been opened, with a 969-times revenue increase, nonetheless, it does not give specific numbers and this progress is no doubt off a small base.
“This expense not just validates what we’ve built but also enables us to keep on pursuing our vision of building monetary equipment which integrate seamlessly with the digital world of delight and today our customers,” said 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 the staff of its and present new financial services and products to users in order to accelerate its growth.