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