Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised $17 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, and even celebrity 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 income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform offers a complete range of banking products via 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 gives them the chance to send and receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform many other banking-related tasks directly from the app. As a bonus for owners, Oxygen does not charge monthly fees, which means no overdraft, late or minimum balance charges are imposed.
Users are able to select from a private or 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 method which enables users to benefit from the reach and protection of Visa’s network. It also leverages Visa’s real-time push payment solution Visa Direct to ensure owners may be paid fast.
The company launched its services in January 2020 ia on of Top Fintech Companies and claims it’s enjoyed tremendous growth in the previous year, partially because of the coronavirus pandemic. It says more than 125,000 accounts have been opened, with a 969-times revenue increase, even thought it does not deliver certain numbers and this progression is little doubt off a tiny base.
“This expense not just validates what we’ve made but also makes it possible for us to keep on pursuing the vision of ours of creating financial equipment which integrate seamlessly with the digital world of delight and these days our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen since we was looking to provide financial services in the exact same way men and women communicate with technology in their daily lives.”
Oxygen said it plans to utilize the funding to scale up the staff of its and provide new financial products and services to users in order to accelerate the growth of its.