Check out the pitch deck 1-year-old San Francisco challenger bank Oxygen used to raise $17 million
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- San Francisco-based banking startup Oxygen has raised a $17 million Series A round led by Runa Capital.
- Oxygen launched 12 months ago and has 125,000 accounts already across consumer and small business accounts.
- “The pandemic has accelerated digital adoption to the point where many industries are leapfrogging ahead of traditional adoption cycles,” Hussein Ahmed, CEO and founder of Oxygen told Business Insider.
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Fintech has been booming during the coronavirus pandemic as consumers shift to digital options.
Founded in January 2020, San Francisco-based digital banking startup Oxygen hopes to take advantage of this trend. The fintech, which provides consumer and small business accounts with no minimum balance or monthly fees, has raised $17 million in Series A funding.
Since launching, Oxygen claims to have brought in 125,000 customers. “In many ways the pandemic has accelerated digital adoption to the point where many industries are leapfrogging ahead of traditional adoption cycles,” Hussein Ahmed, CEO and founder of Oxygen told Business Insider. “Many have now come to the realization that the bank branch is an anachronism. We’re obviously biased but we think 2021 will be a major inflection point in digital banking.”
Oxygen’s accounts are insured by the Federal Deposit Insurance Corporation via the startup’s partnership with The Bancorp Bank.
Funding was led by Runa Capital, with participation from S7V, 1984.vc, EFG Hermes, Rucker Park, and Inventures.
A number of angel investors joined the round including Deutsche Bank’s global CEO for private and commercial banking, Frank Strauss, Plaid’s cofounder William Hockey, and NFL wide receiver Larry Fitzgerald.
Almost all of the fundraising took place over Zoom. The fintech offers a Visa debit card that includes cashback rewards on selected everyday spending categories and merchants.
We are hyper-focused on creating the best digital banking experience for both our consumer and small business users – to bring banking into the 21st century!” Ahmed added. “We’ve got some exciting things in store for 2021.”
Check out Oxygen’s pitch deck below: