The digital banking platform Oxygen has raised $17 million in its Series A round of funding, which will enable it to develop new products for the banking industry.
In addition to Runa Capital, S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, the investment is also supported by Runa Capital and S7V.
This investment round also saw participation from a number of celebrities and prominent FinTech investors, including NFL wide receiver Larry Fitzgerald, Frank Strauss, Global CEO of Deutsche Bank, Plaid co-founder William Hockey, and Ankur Nagpal, founder and CEO of Teachable.
This is the first and only neobank in the US that claims to be designed with both the needs of the customer and the needs of small businesses in mind when it launches. In order to meet the needs of the different ways people live and work and provide flexible banking solutions, the FinTech was designed.
Having launched in January 2020, the FinTech has seen a lot of growth in the first year, opening 125,000 accounts and increasing revenue by 969-fold.
The Bancorp Bank, a parent company of The Bancorp Bank, offers both consumer and small business accounts with no minimum balance requirement or monthly fee, and both accounts come with a Visa debit card that offers cashback rewards on select purchases, as well as a Visa debit card that offers no fees on withdrawals.
The Oxygen CEO Hussein Ahmed stated that the company was founded for the sole purpose of providing financial services in the same way that people interact with technology in their everyday lives. The fact that we did not see that and believe that this resulted in a lot of people being excluded. The fact that we have reached this milestone is a significant achievement, but we are just getting started.”
With the fresh funds coming in, Oxygen is looking forward to expanding its team, accelerating its growth, and continuing the development of new products in the banking sector.
“Oxygen is the most advanced platform for the digital consumer of today,” said Runa Capital general partner Andre Bliznyuk.
“An all-in-one banking app like theirs is tailored to meet the needs of both consumers and businesses, ranging from tech-savvy customers who just want a better banking experience to small businesses and entrepreneurs who are looking for digital solutions that meet their certain needs. This is a better way of doing banking.” It’s a better way of doing banking.”
Oxygen, a digital banking platform that helps people manage all their money, has raised $17 million in its Series A funding round.
The investment was backed by Runa Capital, S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures.
The FinTech community is made up of people from different backgrounds with varying levels of experience in financial technology. This includes celebrities, venture capitalists and prominent executives. This round of funding will enable the company to hire more experienced developers.
You’re ready to build an online business that serves customers and small businesses, but you want to do it right. So, you’re not interested in starting a store or selling affiliate products.
The financial technology industry was designed to provide banking solutions that will meet the needs of people who live and work in a variety of different ways.
FinTech had a slow start but is currently enjoying robust growth. It’s now attracting tens of thousands of new clients daily, generating over $9 billion in gross annual revenue.
Both consumer and small business accounts have no minimum balance, are FDIC insured through a parentship with The Bancorp Bank, and come with a Visa debit card with cashback rewards on select spending.
Oxygen has built an industry-leading mobile banking app that gives small businesses access to the same technology that big business already uses.
I was surprised this didn’t make it into the top 10, but this did lead to exclusion for many.
“This is an important milestone, but we are just getting started.” With the support of the fresh funds, Oxygen plans to scale its team, accelerate growth and continue building new banking products.
We’re very pleased to announce that we’re the general partner of Runa Capital. Their OXYGEN banking app is a powerful solution that is a perfect fit for both today’s consumer and emerging business market.
“Banking is done better than ever.”