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U.S. Neobank Oxygen raises $17 mn in Series A Funding round

By Pavithra R

January 05, 2021

  • Neobank
  • USA
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U.S. Neobank Oxygen raises $17 mn in  Series A Funding round
Hussein Ahmed, Founder and CEO at Oxygen

Oxygen, a neo (challenger) bank focussing on freelancers and the gig-economy has announced raising $17 million Series A round of funding. The company plans to use the finance to scale its team, accelerate growth, and continue to build best-in-class consumer and SMB banking products.

The investment round included Runa Capital, 1984.vc, EFG Hermes, S7V, Rucker Park, and Inventures, in addition to celebrity and prominent fintech investors, including William Hockey, Co-Founder of Plaid, Frank Strauss, Global CEO of the Private & Commercial Bank for Deutsche Bank AG, Ankur Nagpal, Founder and CEO of Teachable, Peter Treadway, and NFL wide receiver Larry Fitzgerald.

Oxygen is designed from the ground up to meet the unique needs of the way people live and work today, providing flexible banking solutions to both consumers and small businesses seeking modern financial solutions. Since launching in January of 2020, the FinTech has seen tremendous growth and engagement, surpassing 125,000 accounts opened and over a 969X revenue increase.

Oxygen’s consumer and SMB accounts have no minimum balance or monthly fees, are FDIC insured via a partnership with The Bancorp Bank, and come with a Visa debit card that includes cashback rewards on selected everyday spending categories and merchants.

“We are humbled that our investors are putting their faith in us with this most recent round of funding. This investment not only validates what we’ve built but also enables us to continue pursuing our vision of building financial tools that integrate seamlessly with the digital world of today and delight our customers. We founded Oxygen because we wanted to provide financial services in the same way people interact with technology in their everyday lives. We didn’t see that and believe this led to exclusion for many. This is an important milestone, but we are just getting started,” said Hussein Ahmed, Oxygen CEO.

Oxygen continues to attract investment based on its rapid growth trajectory and highly engaged customer base. Besides Oxygen’s compelling product suite, the company has cultivated partnerships with top-tier companies like Visa, has simultaneously built a high-value brand designed to empower customers to “do it their way,” in support of entrepreneurship and free-thinking.

“Oxygen is the premier banking platform for today’s digital consumer. Their all-in-one banking app serves both consumers and businesses, ranging from tech-savvy consumers who are just looking for a better banking experience to burgeoning entrepreneurs and small businesses looking for digital banking solutions that meet their strict requirements. It’s banking done better,” commented Andre Bliznyuk, General Partner of Runa Capital, which led the Series A round.

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