Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised seventeen dolars million in a new round of funding.
Runa Capital led the Series A round, that 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 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 established a digital banking platform and mobile application that it says gives versatile financial services to people who have several cash flow streams, freelance or contract work working arrangements.
According to Fintech Definition the platform provides an entire range of banking services through the mobile app of its, which operates on both Android devices and iOS. It provides drivers with credit cards as well as debit cards and also allows 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 straight from the app. As a bonus for owners, Oxygen doesn’t charge month fees, this means no overdraft, minimum or late balance charges are imposed.
Owners are able to select from a private or business account, and they are able to top up their account any time by using 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 grasp and security of Visa’s network. What’s more, it leverages Visa’s real-time push payment cure Visa Direct to make sure users will be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and says it has experienced tremendous development in the past year, partly thanks to the coronavirus pandemic. It says in excess of 125,000 accounts have been opened, with a 969-times revenue boost, even thought it doesn’t provide specific numbers and this growth is actually no doubt off a tiny base.
“This investment not simply validates what we have built but also helps us to go on pursuing our vision 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 since we wanted to provide financial services in the exact same way people communicate with technology in their everyday lives.”
Oxygen said it plans to make use of the funding to scale up its staff as well as provide new financial services and products to users to be able to accelerate its development.