Oxygen

Oxygen

Fintech digital bank for entrepreneurs

Overview

Oxygen runs a digital banking platform that partners with The Bancorp Bank to offer banking services for entrepreneurs, creators, and other nontraditional customers. It functions as a fintech-enabled bank, providing products such as high-yield savings with 3.00% APY on balances up to $20,000, up to 6% cashback on purchases, round-ups, and unlimited savings goals, plus Premium perks like Global Entry reimbursement and lounge access. Revenue comes mainly from merchant interchange fees when customers use the Oxygen card, with additional income from interest on loans and other products. The goal is to simplify and enhance financial management for the modern economy by delivering convenient, tech-driven banking that fits fast-paced, nonconventional lifestyles.

YC Company

About Oxygen

Simplify's Rating
Why Oxygen is rated
D-
Rated D- on Competitive Edge
Rated D- on Growth Potential
Rated D- on Differentiation

Industries

Fintech

Financial Services

Company Size

51-200

Company Stage

Series B

Total Funding

$45.1M

Headquarters

Princeton, New Jersey

Founded

2017

Simplify Jobs

Simplify's Take

What believers are saying

  • Secured $20M Series B funding in February 2023 to expand products.
  • Appointed David Rafalovsky as CEO and Rob Brown as CMO in 2023.
  • Partnered with TurboTax for tax refunds and $20 federal product discounts.

What critics are saying

  • Closed all US accounts by March 29, 2024, destroying interchange revenue.
  • Oxygen Health pivot shows no viable launch or adoption by April 2026.
  • Chime captures displaced customers with 10% cashback in 6-12 months.

What makes Oxygen unique

  • Oxygen targets entrepreneurs with cashback rewards up to 6% and high-yield savings at 3% APY.
  • Business users access LLC incorporation and custom invoicing in one app.
  • Partners with The Bancorp Bank for FDIC-insured services without monthly fees.

Help us improve and share your feedback! Did you find this helpful?

Funding

Total Funding

$45.1M

Below

Industry Average

Funded Over

5 Rounds

Notable Investors:
Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Below Average

Industry standards

$35M
$30M
Patreon
$45M
Linktree
$65M
Substack
$100M
ClickUp

Company News

Platos Health
Aug 27th, 2025
Get Platos Monitor today - pay over time with Oxygen by Access Bank

That's why Platoshealth has partnered with Oxygen (by Access Bank) to bring you a buy-now-pay-later option for the Platos Body Monitor.

Yahoo Finance
Oct 5th, 2023
Oxygen Ramps Up Leadership Team With Appointment Of Industry Veterans

SAN FRANCISCO, Oct. 5, 2023 /PRNewswire/ -- Oxygen, a leading innovator in the financial technology industry, today announced a series of executive hires. These appointments come at a time of significant transformation for Oxygen. With a commitment to strengthen its leadership team and provide cutting-edge financial solutions to the marketplace, the company continues to prioritize compliance, transparency and customer experience.Rob Brown joins Oxygen as the company's new Chief Marketing Officer. Brown will play a critical role in positioning Oxygen as a frontrunner in the fintech space. Leading the company's core marketing functions, he will enhance Oxygen's market presence and further accelerate its growth

FinSMEs
Feb 3rd, 2023
Oxygen Raises $20M in Series B Funding

Oxygen, a San Francisco, CA-based provider of a digital banking platform, raised $20M in Series B funding

VC News Daily
Feb 2nd, 2023
Oxygen Scores $20M Series B Funding

Oxygen Scores $20M Series B Funding Back to HomeSAN FRANCISCO, CA, Digital banking platform Oxygen today announced $20 million in Series B funding.Digital banking platform Oxygen today announced $20 million in Series B funding - led largely by return investors - and the appointment of David Rafalovsky as Chief Executive Officer (CEO). Oxygen will use the funds to increase investment in product development and user experience around its core financial technology solutions, and to expand its workforce to meet growing demand.Oxygen is a modern financial platform designed for the 21st-century economy - providing digital natives, creators and entrepreneurs pushing everyday boundaries a seamless experience to spend, send and save across both their personal and business lives. Available on web, iOS, and Android, Oxygen members enjoy cashback rewards, early direct deposit, simple transfers and high yield savings in addition to everyday retail and travel benefits. Businesses can start and scale their operations with integrated solutions like nationwide LLC incorporation and custom invoicing that is elegant, simple and secure. Reject ordinary. Banking for the Extraordinary.(c)2011-2020 by Massinvestor, Inc

Oxygen
Aug 3rd, 2022
Oxygen launches State of the Creator Economy Report

Oxygen, a modern financial platform designed for the 21st century economy, today released its State of the Creator Economy Report, which takes a look at the booming creator economy, the people behind the content, their goals and challenges, and the technologies that are quickly changing the industry.

Recently Posted Jobs

Sign up to get curated job recommendations

There are no jobs for Oxygen right now.

Find jobs on Simplify and start your career today

We update Oxygen's jobs every few hours, so check again soon! Browse all jobs →