Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has 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 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 as well as mobile application that it says provides versatile financial services to people who have several cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies a complete range of banking services via its mobile app, which operates on both iOS and Android devices. It provides users with credit cards as well as 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 jobs from the app. As a bonus for owners, Oxygen doesn’t charge monthly fees, this means no overdraft, late or minimum balance fees are imposed.
Users are able to select from a private or business account, and they are able to top up the account of theirs any time by using GreenDot locations at stores such as Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track program which enables users to gain from the reach as well as protection of Visa’s network. What’s more, it 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 claims it’s enjoyed tremendous development in the past year, partly because of the coronavirus pandemic. It states more than 125,000 accounts have been opened, with a 969 times revenue increase, even thought it doesn’t give specific numbers and this progression is actually no doubt off a tiny base.
“This investment not only validates what we’ve built but also enables us to continue pursuing our vision of creating monetary tools which integrate seamlessly with the digital world of delight and today our customers,” said Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we needed to offer financial services in the exact same way people interact with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up its staff as well as offer new financial products and services to users in order to accelerate the growth of its.