Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised $17 million in a brand 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 also 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 established a digital banking platform and mobile application that it states provides flexible financial services to people who have several cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides 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 as well as debit cards and also enables them to send as well as receive cash, apply for a virtual credit card, make payments in shops, 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, which means no overdraft, minimum or late balance charges are imposed.
Owners can select from a private or maybe business account, and they can 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 which enables users to gain from the access and protection of Visa’s network. Furthermore, it leverages Visa’s real-time push payment solution 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 says it has experienced huge development in the past year, partly because of the coronavirus pandemic. It claims more than 125,000 accounts have been opened, with a 969 times revenue increase, nevertheless, it doesn’t give certain numbers and this progression is little doubt off a small base.
“This expense not simply validates what we’ve made but also enables us to go on pursuing the vision of ours of building financial tools that integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we was looking to provide financial services in the exact same way men and women communicate with technology in their everyday lives.”
Oxygen said it plans to use the funding to scale up the staff of its as well as provide new financial products and services to users to be able to accelerate the growth of its.