Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said today it has raised $17 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, as well as 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 built a digital banking platform as well as mobile application that it claims gives flexible financial services to individuals who have numerous income streams, freelance or contract work working arrangements.

According to¬†Fintech Definition the platform offers a complete range of banking services through its mobile app, which runs on both iOS and Android devices. It offers drivers with credit cards as well as debit cards and enables them to send as well as receive money, apply for a virtual credit card, make payments in shops, apply for loans and perform other sorts of banking-related tasks from the app. As a bonus for owners, Oxygen doesn’t charge monthly fees, this means no overdraft, late or minimum balance charges are imposed.

Users can select from a personal or perhaps business account, and they can top up their account any time by using GreenDot locations at stores such as Walmart or Walgreens. Oxygen has partnered with Visa Inc. on its Fast Track program that makes it possible for users to learn from the reach as well as safety measures of Visa’s network. It also leverages Visa’s real time push payment remedy Visa Direct to make certain users will be paid fast.

The company launched its services in January 2020 ia on of Top Fintech Companies and says it has experienced great growth in the previous year, partly because of the coronavirus pandemic. It claims more than 125,000 accounts have been opened, with a 969-times revenue boost, although it does not deliver certain numbers and that progress is actually no doubt from a tiny base.

“This expense not simply validates what we’ve made but also allows us to go on pursuing our vision of creating monetary equipment that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we was looking to provide financial services in the same way people interact with technology in their daily lives.”

Oxygen said it plans to use the funding to scale up the team of its as well as present new financial services and products to users to be able to accelerate its growth.