Oxygen offers a modern digital banking platform that lets users spend, send, and save across both personal and business lives. The platform is available on web, iOS, and Android and targets digital natives, creators, and entrepreneurs. Members receive features such as cashback rewards, early direct deposit, transfers, high-yield savings, and everyday retail and travel benefits. For businesses, Oxygen provides integrated solutions including nationwide LLC incorporation and custom invoicing to help start and scale operations. The company was launched in January 2020; David Rafalovsky is the current CEO, succeeding founder Hussein Ahmed, who remains with the company as Chief Product Officer. Oxygen plans to use new funding to increase investment in product development, improve user experience, and expand its workforce. Oxygen is a digital banking platform that offers integrated personal and small-business accounts via an all-in-one mobile app. Its accounts have no minimum balance or monthly fees, are FDIC insured through The Bancorp Bank, and include a Visa debit card with cashback rewards and early direct deposit. The product suite includes tools for LLC creation, expense management, and the ability to manage personal and business finances from within the Oxygen app. Since launching in January 2020, Oxygen has opened over 125,000 accounts and reported a greater-than-969X revenue increase. The company has built partnerships with Visa (joining Visa’s Fast Track program) and operates from San Francisco. Oxygen is backed by investors including Runa Capital and Y Combinator. Oxygen is a San Francisco-based digital banking service that offers free banking and flat-fee, zero-interest lines of credit to freelancers. The platform tracks freelancers’ bills, projects their income and offers instant credit via a mobile app available on iOS and Android. Users can purchase Oxygen Premier and pay a monthly flat fee to access a full range of free banking perks and the flat-fee, zero-interest line of credit. The company is led by founder and CEO Hussein Ahmed. Oxygen raised $2.3M in funding and intends to use the proceeds to expand the team and accelerate business growth. Investors named in the report include Digital Horizon Capital, Cynthia Chen, ZMT Capital (China), Locus Ventures, Endure Capital, PioneerFund, Magic City, Light Bridge, Strawberry Creek, Base Ventures, The House Fund and Sam Yam.

Total raised

$39M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2023