Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it has raised $17 million in the latest 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, and even famous person and prominent fintech investors like 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 and mobile application that it states provides versatile financial services to people who have several income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform supplies a complete range of banking services via its mobile app, which runs on both iOS and Android devices. It offers users with credit cards and debit cards and gives them the chance to send and receive cash, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking related tasks from the app. As a bonus for users, Oxygen does not charge month fees, this means no overdraft, late or minimum balance charges are imposed.
Users can select from a private or perhaps business account, and they are able to 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 benefit from the reach and security of Visa’s network. It also leverages Visa’s real-time push payment solution Visa Direct to make sure owners will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it’s enjoyed huge progress in the past year, partially thanks to the coronavirus pandemic. It states in excess of 125,000 accounts have been opened, with a 969-times revenue boost, nevertheless, it does not deliver certain numbers and this growth is no doubt from a tiny base.
“This expense not only validates what we’ve built but also enables us to continue pursuing the vision of ours of building financial equipment which integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen because we was looking to provide financial services in the same way men and women interact with technology in their daily lives.”
Oxygen said it plans to utilize the funding to scale up the staff of its and also present new financial services and products to owners to be able to accelerate the development of its.