Oxygen Joins Visa’s Fast Track Program for FinTechs
Even as much of the country remains in lockdown, the financial technologies sector seems to be managing continued growth. Not only have the past few months seen major acquisitions and impressive investment rounds but they’ve also brought a handful of notable partnerships. Case in point: this past week, Oxygen announced that it was the latest FinTech to join Visa’s Fast Track program.
Oxygen is a mobile-only banking service designed for freelancers, offering both personal and business accounts. In fact, users can even establish an LLC of their own right from the app. With that target-customer in mind, the company says it intends to make use of its Visa partnership by utilizing Visa Direct to help ensure that Oxygen users can receive payments quickly. Such features will come in addition to existing perks, such as cashback from select retailers, including brands in the grocery, food delivery, and rideshare industries. Notably, the FinTech also doesn’t charge any monthly fees.
Discussing the need for Oxygen’s services, the company’s founder and CEO Hussein Ahmed explained in a statement, “The U.S. gig economy is booming, and in the current environment we will only see that increase. Unfortunately, some traditional institutions aren’t adapting. That’s leaving the newest generation of workers and those who are self-employed short on options.” As for how the Visa Fast Track program will help Oxygen fulfill its vision, Ahmed continued, “We are thrilled to work with Visa in our mission to build tools and resources that help consumers and freelance businesses of the new economy thrive. Adding faster payment functionality will greatly help with cash flow – the lifeblood of any small business.”
Since launching stateside in August of last year, the Visa Fast Track Program has brought several notable FinTechs onboard. This includes the automated savings app Astra anb crypto cashback tool Fold, among others. Meanwhile, earlier this year, Visa announced that it was purchasing the banking API tool Plaid in a deal valued at $5.3 billion.
Given the current circumstances, freelancers may well be more focused on managing their finances than ever before. Thus, it seems like the perfect time for Oxygen to expand its offerings by joining forces with Visa. Of course this is also another win for Visa’s Fast Track program, which has proven to be key FinTech ally in just a few short months. Thus, we can surely expect more from the program and from Oxygen in the months ahead.