Oxygen is a San Francisco-based fintech company that offers bank accounts for individuals and businesses through its mobile banking app. It focuses on providing accounts with low fees and high-interest rates.
Users can access various features such as check deposits, bill pay, and account statements. There is also the ability to mark deductible expenses to monitor transactions.
Oxygen offers four different account levels to choose from – Earth, Water, Air, and Fire.
In addition, Oxygen offers its small business users additional services such as LLC formation and cash flow projections.
Oxygen offers banking services through a partnership with The Bancorp Bank, Member FDIC. Under this partnership, Oxygen’s bank accounts are FDIC insured up to the legal limit.
Oxygen was founded in 2018 by its CEO Hussein Ahmed (Linkedin).
To date, the company has raised over $24 million (lead investors: Runa Capital, Y Combinator, 1984.VC, Rucker Park, EFG Hermes, The House Fund) in two funding rounds. It claims to have 500.000 active customers.
Due to poor customer ratings and misleading advertising (presenting themselves to the public as a banking provider), we are downgrading the company to our “Orange Compliance” list.