TechCrunch reports that the American neobank Oxygen is close to closing the Series B round at $70 million, and estimated at $500 million. The publication cites anonymous sources familiar with the process taking place. The company itself does not comment on the news.
Investment idea with Raison Asset Management — Oxygen
The fund managed by Raison Asset Management invested in the startup in July this year at an estimated $160 million. This is one of our few early-stage venture investments – with higher return potential and higher risks.
Oxygen is a digital bank for freelancers and small businesses that launched in January 2020. That year, 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.
The startup is engaged in banking, billing, accounting, payments and transfers, cashback, starting legal entities, payroll programs, and insurance. It was invested by Y Combinator, Runa Capital, 1984 VC, Rucker Park, EFG Hermes, The House Fund.