The venture capital fund Element Global Technologies Private Portfolio managed by Raison Asset Management invested in a fintech challenger bank from the United States — Oxygen. The fund provided $1 million in financing through the SAFE round.
Oxygen is a challenger bank with HQ in San Francisco, which launched its banking services in January 2020. The company is targeting the fast-growing customer audience of freelancers, creators, and small businesses. Even though the startup is relatively young, it already offers users banking, accounting, company incorporation, and planning on launching borrowing and crypto trading.
For 18 months of operations, Oxygen has reached 500 thousand users (in comparison, it took Revolut 24 months to reach the same number and 56 months for N26). At the same time, the startup was awarded “The best application in financial technology” by Fintech Breakthrough Awards 2021.
Along with Raison Asset Management, Oxygen is backed by Y Combinator, Runa Capital, 1984.VC, Rucker Park, EFG Hermes, The House Fund. Currently, the startup is planning to raise funding on Series A, with a forecasted valuation of $500 million.
Financial technologies companies take a big share of Raison’s Asset Management portfolio. Element GTPP fund also has invested in Klarna, Kraken, Nerdwallet, Better.com, Blend Labs Inc., and others.