US neobank Oxygen bags $20m Series B, appoints new CEO
San Francisco-based digital banking platform Oxygen has secured $20 million in a Series B funding round and appointed David Rafalovsky as its new CEO.
Oxygen bags $20m Series B, names new CEO
Investors in the round include Y Combinator, 1984.vc, Rucker Park and Possible Ventures, as well as a number of angel fintech investors.
Oxygen will use the fresh funding to invest in its product development and hire more employees as it looks to meet “growing demand”.
David Rafalovsky joins Oxygen as a major equity shareholder and replaces founder Hussein Ahmed as CEO, who will now take up the role of chief product officer for the firm.
With more than 25 years of global banking experience, Rafalovsky previously served as group CTO and global head of operations and technology for Sber. He also served as managing director, CTO of global functions for Citi.
“Not only are small businesses driving the US economy, but they also keep the American dream alive,” Rafalovsky says. “Oxygen is planning to play a significant role enabling small businesses’ success.”
Launched in January 2020, Oxygen provides all-in-one digital banking services to both consumers and small businesses, including cashback rewards, early direct deposit, money transfers and high-yield savings.
Businesses can also access integrated solutions such as nationwide LLC incorporation and custom invoicing. The firm’s banking services are provided by The Bancorp Bank.
