Digital Banking Platform Oxygen Raises $20 Million
Oxegen small business apps

Digital Banking Platform Oxygen Raises $20 Million

A FinTech neobank that serves both individuals and small business owners has revealed two major pieces of news. First, this week, Oxygen announced that it raised a $20 million round. The Series B was led “largely by return investors,” although Oxygen did not specify which investors in their press release. To date, the startup has now raised a total of $45 million, including a $17 million Series A in January 2021. That round included participation from Runa Capital, S7V, 1984.vc, EFG Hermes Rucker Park, and Inventures as well as individuals, such as Plaid co-founder William Hockey and NFL great Larry Fitzgerald among others. With the new round of funds, Oxygen says it plans to increase investment in product development as well as expand its workforce.

Accompanying the news of the Series B raise, it was also announced that David Rafalovsky had been appointed as Chief Financial Officer. Rafalovsky takes over the role from Oxygen founder Hussein Ahmed, who will shift to the position of Chief Product Officer. Previously, Rafalovsky served as Global Head of Operations & Technology for Sberbank (according to Reuters, he left the Russia-based bank following that country’s invasion of Ukraine in 2022) as well as CTO of Global Functions for Citi.

In a statement, Rafalovsky said of his appointment and the company’s future, “This marks a new era at Oxygen where we will build upon the incredible foundation created by Hussein and the Oxygen team. I look forward to charting the path forward for the company, building world class solutions for small businesses and gig economy participants.”

Elaborating on his vision for the firm, Rafalovsky added, “According to the U.S. Small Business Association, small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses – Oxygen is planning to play a significant role enabling small businesses success.”

Meanwhile, Ahmed said of the new CEO, “As the company prepares to scale its operations and further accelerate growth, David’s legacy of success as a global leader and board member ensure the value of Oxygen’s technology will continue to inspire – and engage – customers and investors. His roots in disruptive engineering allow us to deliver on our commitment to serve anyone looking for the best digital banking solutions in the market.”

While there are plenty of neobanks to be found these days, Oxygen has found plenty of success since launching in 2020. It’s also evolved heavily since then, including introducing its uniquely-branded Elements account options. Now, with a new CEO at the helm and an extra $20 million in capital, the firm seems well positioned to continue that momentum and double down on the small business banking offerings. Although the landscape remains competitive, perhaps these latest updates will give the FinTech what it needs to continue its growth.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...