Digital banking platform Oxygen has collected $17m in its Series A funding round, which will help it build new banking products.
The investment was backed by Runa Capital, S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures.
A number of celebrities and prominent FinTech investors also contributed to the round, including NFL wide receiver Larry Fitzgerald, Global CEO Deutsche Bank Frank Strauss, Plaid co-founder William Hockey and Teachable founder and CEO Ankur Nagpal.
Oxygen claims to be the first and only neobank in the US to launch with both the customer and small business in mind. The FinTech was designed to meet the various ways people live and work, with flexible banking solutions.
Since its launch in January 2020, the FinTech has witnessed strong growth having opened 125,000 accounts and increasing revenue by 969-times.
Both consumer and small business accounts have no minimum balance or monthly fee, are FDIC insured through a parentship with The Bancorp Bank and come with a Visa debit card that includes cashback rewards on select spending.
Oxygen CEO Hussein Ahmed said, “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.”
With the support of the fresh funds, Oxygen plans to scale its team, accelerate growth and continue building new banking products.
Runa Capital general partner Andre Bliznyuk said, “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.”
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