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.
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.