FinTech: Oxygen’s New Digital Banking Platform is Designed for Gig Workers

May 15, 2020 | FinTech, News
https://dailyalts.com/wp-content/uploads/2020/05/Oxygen-Home_Cards-005-991x1024-1.png

Oxygen has also joined Visa’s Fast Track Platform.

Digital challenger bank Oxygen is bringing an all-new digital banking platform to freelancers and small businesses. The capabilities of the new platform, taken with the reach, capabilities, and security of the Visa (NYSE: V) network, will make it a valuable asset to hard-pressed freelancers. (PYMNTS.com).

Freelancers need more banking options

There are now millions of freelancers and independent contractors across the country. They have to cope with multiple income streams, contract work, and assignments. According to some estimates, freelance and self-employed workers will constitute more than half of the US workforce by 2027.

“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,” said Hussein Ahmed, founder, and CEO at Oxygen. “That’s leaving the newest generation of workers and those who are self-employed short on options.”

To make life easier for the gig economy, Oxygen now offers clients both a consumer and small business account at zero monthly fees. The company’s mobile app, which is available across the country, enables freelancers and small businesses to complete their banking activities entirely on smartphones.

The Oxygen Mobile App also provides cashback on household expenses such as groceries, food delivery, coffee shops, gas, and rideshares. It also offers individuals an Oxygen Visa Debit Card and multiple virtual cards.

Business customers can also avail of LLC creation, cash flow projections, accounting tools integration, and an Oxygen Visa Business Debit Card.

Faster payments

Further, Oxygen’s collaboration with Visa’s fast track program will add faster payment functionality. This will help consumers and freelance businesses with their cash flows.

Oxygen is based in San Francisco. It is backed by leading fintech investors such as Runa Capital, Y Combinator, and others.

“Oxygen is an all-in-one banking platform that can intelligently manage both the personal and business sides of its users’ financial lives,” said Andre Bliznyuck, general partner of Runa Capital. “That is critical for gig economy workers, who often don’t distinguish between their personal and business lives.”

Related Story:     FinTech: iwoca’s New OpenLending Platform To Support SMEs During Coronavirus                                              

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Alt Insights

May 21, 2020

Venture Capital: British Startup Offers Travel Jaunts on the Never-Never

Venture Capital: British Startup Offers Travel Jaunts on the Never-Never
Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/05/60-40-Chilled-metallic.png
Liquid Alternatives: RIP 60:40. Liquid Alts Solve the New Equation
May 22, 2020     Latest News, Liquid Alternatives, News

Volatile equity markets and declining fixed income yields have turned the traditional 60:40 portfolio allocation between stocks and bonds on its head. According to one study, an investor would today…

https://dailyalts.com/wp-content/uploads/2020/05/42156310244_f396820bbc_c-CRYPTO-MINING-RIG.jpg
Digital Assets: The Texas Grid Pays Thiel-backed Layer1 to not Mine Cryptos in August
May 22, 2020     Digital Assets, News

Layer1, the bitcoin miner backed by the likes of top-flight VC Peter Thiel and early-stage investor Shasta Ventures, based its operations in west Texas to take advantage of cheap power….

https://dailyalts.com/wp-content/uploads/2020/05/share-missfresh.png
Venture Capital: Beijing-based start-up Missfresh May Soon Nab $500M
May 22, 2020     News, Venture Capital

The Covid-19 has boosted the fortunes of online grocery delivery start-up Missfresh. Locked-in families have stepped up their demand for groceries and fresh foods to be delivered at home amidst…

https://dailyalts.com/wp-content/uploads/2020/05/visa-2623015_640.png
Fintech: Visa Enters an Investment and Strategic Partnership with GoodData
May 22, 2020     FinTech, News

Global analytics firm GoodData announced it had received an investment from Visa Ventures, the corporate venture investment division of payments giant Visa (NYSE: V). GoodData also said the two companies…

Scroll to Top