Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised seventeen dolars million in the latest round of financial backing.
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 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 as well as mobile application that it says gives versatile financial services to individuals who have many income streams, contract work or freelance working arrangements.
According to Fintech Definition the platform provides a complete range of banking products through the mobile app of its, which operates on both iOS and Android devices. It offers users 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 stores, apply for loans and perform many other banking related tasks from the app. As a bonus for users, Oxygen does not charge monthly fees, which means no overdraft, minimum or late balance fees are imposed.
Owners can pick from a personal or perhaps business account, and they are able to top up their account any time by utilizing GreenDot locations at stores such as 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 as well as safety measures of Visa’s network. What’s more, it leverages Visa’s real time push payment solution Visa Direct to make certain owners can be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and claims it has enjoyed tremendous growth 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, though it does not deliver certain numbers and this growth is no doubt off a small base.
“This expense not only validates what we’ve made but also enables us to keep on pursuing the vision of ours of building monetary equipment which integrate seamlessly with the digital world of delight and today our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen since we needed to provide financial services in the same way people communicate with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up the staff of its as well as present new financial products and services to owners in order to accelerate its development.