“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.”
OXYGEN
businesswire , May 14, 2020
Oxygen Launches Digital Banking Platform for Freelancers and Small Businesses, Joins Visa’s Fast Track Program
The Oxygen app makes banking simple, whether for business or personal use;
Oxygenis working with Visa to deliver the next innovation in payments
SAN FRANCISCO–(BUSINESS WIRE)–Oxygen today announced the launch of a new digital banking solution specifically designed to meet the unique needs of freelancers and digital natives. Oxygen has built a platform from the ground up to provide flexible banking solutions to the millions of U.S. professionals who thrive on multiple income streams, contract work and freelance gigs. In addition, Oxygen announced that it has joined Visa’s Fast Track program, enabling the company to draw on the reach, capabilities and security of Visa’s network. Oxygen will also be leveraging Visa Direct, Visa’s real-time push payment solution, to ensure its freelancer customers can be paid fast.
The new Oxygen mobile app, available nationwide for iOS and Android devices, delivers a fast, frictionless, 100% mobile-based user experience. Oxygen is free to download in both the App Store and Google Play. Android is a trademark of Google LLC.
“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.”
Ahmed’s struggles with his former bank despite operating a successful consulting business led him to create Oxygen. The company uses digital technology and a network of top partners to provide banking solutions to people who are now in the same situation that Ahmed was as a freelance consultant. Estimates suggest that freelance and self-employed workers will represent more than half of the U.S. workforce by 2027.
To address this new reality, Oxygen offers access to both a consumer and small business account, providing financial freedom, flexibility and predictability – all with zero monthly fees.
“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, an Oxygen investor. “That is critical for gig economy workers, who often don’t distinguish between their personal and business lives.”
Users of the Oxygen app also enjoy access to other features like cashback for everyday expenses including groceries and food delivery, coffee shop purchases, gas, rideshares and more. And Oxygen users can protect their personal assets via the creation of an LLC within the app.
By joining Visa’s Fast Track program, Oxygen will be able to access the resources that rapidly growing companies need to scale. Oxygen views the collaboration as critical to its success.
“We are thrilled to work with Visa in our mission to build tools and resources that help consumers and freelance businesses of the new economy thrive,” said Ahmed. “Adding faster payment functionality will greatly help with cash flow – the lifeblood of any small business.”
Terry Angelos, senior vice president and global head of fintech at Visa, stated, “By joining Visa’s Fast Track program, exciting fintechs like Oxygen gain unprecedented access to Visa experts, technology and resources.”
Learn more about Visa’s Fintech Fast Track program at http://Partner.Visa.com.
About Oxygen
Oxygen is a digital banking platform tailored to meet the unique needs of freelancers, digital natives, and small businesses – providing worry-free banking solutions to the nearly 60 million people who make up the ever-expanding segment. Through the Oxygen app, users can manage everyday expenses on their Oxygen Visa Debit Card, helping provide freedom, flexibility and predictability. Based in San Francisco, Oxygen is backed by Runa Capital, Y Combinator and other leading fintech investors. For more information, visit www.oxygen.us and follow us on Instagram, Twitter and Facebook.
Banking services are provided by The Bancorp Bank, Member FDIC. The Visa Debit Cards are issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
