Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today 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, as well as famous person 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 built a digital banking platform as well as mobile application that it claims provides versatile financial services to individuals who have multiple cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides a full 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 also allows them to send as well as receive cash, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking related tasks from the app. As a bonus for owners, Oxygen doesn’t charge monthly fees, this means no overdraft, late or minimum balance charges are imposed.
Owners are able to choose from a personal or perhaps 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 which makes it possible for users to gain from the reach and safety measures of Visa’s network. What’s more, it leverages Visa’s real time push payment cure Visa Direct to make certain users will be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and says it has enjoyed great development in the previous year, partly because of the coronavirus pandemic. It says in excess of 125,000 accounts have been opened, with a 969 times revenue increase, even thought it doesn’t provide certain numbers and this progression is actually little doubt off a tiny base.
“This investment not just validates what we have built but also makes it possible for us to continue pursuing the vision of ours of creating monetary equipment that integrate seamlessly with the digital world of these days and delight our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen since we wanted to offer financial services in the same way people communicate with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up the team of its and present new financial services and products to users in order to accelerate its development.