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Oxygen is an American neobank for freelancers and small businesses that allows managing personal and business capital.

At the moment, Oxygen’s range of services includes banking, billing, accounting, payments and transfers, cashback, starting a legal entity, payroll programs, and insurance.

Official website

Neobank was founded in May 2018 in San Francisco, USA.

Oxygen pre-IPO
Oxygen Raison Asset Management

Why to invest in Oxygen?

  • 500 thousand users just for 18 months

  • Oxygen focuses on a fast growing audience of freelancers

  • IN the top-10 of the most downloaded banking apps in USA

    • Last funding round: $17 million — Series A
    • Last round valuation: $57.6 — post-money
    • Last round share price: $1.37
    • Last round date: December 2020
    • Lead investors: Runa Capital, Y Combinator, 1984.VC, Rucker Park, EFG Hermes, The House Fund


    Oxygen reached an audience of 500 000 users just for 18 months (to compare, the same took 24 months for Revolut and 56 months for N26).

    The app got a high appreciation from users: it has more than 30 000 reviews on AppStore / Google Play with 4,8 / 4.7 ratings. Also the app was named “Best Overall Fintech App” at 2021 Fintech Breakthrough Awards.

    Today the company is in talks to raise a new funding round Series B.


    For Oxygen, freelancers and SMEs (the small and medium-sized business) are the main targeted markets. In 2020, 59 million freelancers (36% of the country’s workforce) worked in the United States, bringing in more than $1.2 trillion to the American economy in a year.

    Small and medium-sized businesses in USA (of which 31.7 million) spend more than $500 billion on accounting, billing, invoicing, and third-party payment services, according to a Cornerstone Advisors study.

    In 2020, US neobanks received 66% of their revenues precisely from business accounts.


    According to a study by GrandViewResearch, the global neobank market is estimated at $35 billion. With a compound annual growth rate (CAGR) of 47%, the market will reach $722 billion by 2028. In 2020, US neobanks received 66% of their revenues precisely from business accounts.

    The US neobank market will grow slightly slower, with a CAGR of 29%, and will be valued at $8 billion by the end of 2021.

    The main players in the field of banking for SMEs are Wells Fargo, Bank of America, Chase, City Bank. The main Oxygen’s competitors among neobanks — Revolut Business, N26 for Business, BlueVine, and Novo. Compare to them Oxygen is the youngest company, but it is growing rapidly and offering a broad range of services.


    Founder — Hussein Ahmed, PhD, computer science (Virginia Tech), MBA (Berkley). He has assembled a team of professionals with experience in Apple, Mastercard, Visa, Citibank, Lending Club, and Goldman Sachs.

    The company is advised by Frank Strauss (former CEO and head of banking at Deutsche Bank AG) and Pauline Brown (former Chairman of LVMH Americas).


    • Competition from large neobanks that have already started serving businesses and freelancers, or are just planning
    • A company can quickly reach the scaling limit. However, with the platform already developed, there are options for developing into international markets.

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