FinTech Banking Platform Oxygen Announces $17 Million Funding Round

Home » FinTech » FinTech News » FinTech Banking Platform Oxygen Announces $17 Million Funding Round

FinTech Banking Platform Oxygen Announces $17 Million Funding Round

After what seemed to be a fairly successful year in the world of FinTech (all things considered), new deals are already rolling in. This week, Oxygen announced that it had raised $17 million in funding. The Series A was led by Runa Capital with participation from such firms as Inventures, S7V,, EFG Hermes, and Rucker Park. Additionally, individual investors including Deutsche Bank’s Frank Strauss, Plaid’s William Hockey, Teachable’s Ankur Nagpal, Founder and CEO of Teachable, NFL star Larry Fitzgerald, and others participated.

Oxygen is a digital banking platform built to meet the needs of both consumers and small business owners. For example, accounts have no minimum balance requirements or monthly fees and Oxygen’s debit cards offer cashback rewards on purchases in select categories and from certain merchants. Currently the service partners with The Bancorp Bank, so customer deposits are also FDIC insured.

In a press release announcing the round, Oxygen CEO Hussein Ahmed stated, “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.” Ahmed went on to say, “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.”

Elsewhere, Runa Capital general partner Andre Bliznyuk said of the banking platform, “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.”

Prior to this funding round, Oxygen had already seen some promising growth. After officially launching one year ago, the company reports more than 125,000 accounts have been opened. Additionally, in May of last year, the startup joined Visa’s Fast Track program, allowing them to utilize such tools as Visa Direct to help ensure that users can receive payments quickly.

With 2021 mere days old, it’s encouraging to see that the FinTech sector is off to a strong start. On that note, while late-lettered mega-rounds are always impressive, it’s nice see strong early rounds as well. Hopefully this is just the beginning for Oxygen — and for FinTech funding in 2021.


Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Home Lending Tech Platform Roostify Announces $32 Million Funding Round

Another week means another FinTech deal. Today, Roostify announced that it had raised $32 million in its latest round. The Series C was led by Ten Coves Capital with principals at Stone Point Capital as well as returning investors Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase also participating. To date, Roostify has...

Survey Finds 42% of Americans Avoided Large Purchases Last Year

Last year proved to be a financial anomaly in many ways — evidenced by a number of dichotomies that emerged. While the loss of employment and other economic issues impacted many Americans, on the whole, consumers saw increased savings rates and credit card payoffs. Now a new survey from WalletHub looks...

Spirit Airlines Refreshes Co-Branded Credit Card Line-Up

As travelers and travel brands look toward a hopeful future, recent weeks have brought news of both new and refreshed co-branded options. This includes an upcoming U.S.-centric Air Canada card from Chase and a pair of cards from Emirates and Barclays among others. Now, Spirit and Bank of America have...