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A leading digital banking company is expanding product development and hiring with funds from prominent return investors
FREMONT, CA: Digital banking platform Oxygen raised $20 million in Series B round of funding, which was primarily led by return investors, as well as the appointment of David Rafalovsky as CEO. The firm is planning to invest the raised fund for the development of its core financial technology solutions.
For individuals and small businesses looking for cutting-edge financial solutions, Oxygen offers flexible, all-inclusive digital banking services. The company continues to draw investment because of its quick growth trajectory and highly engaged client base. It is the first and only neo-bank in the United States to debut with both consumers and small businesses in mind. Many notable fintech investors, including Y Combinator, 1984.vc, Rucker Park and Possible Ventures have also invested in the company, including Frank Strauss, CEO of Deutsche Bank AG's Private & Commercial Bank, William Hockey, the co-founder of Plaid, Ankur Nagpal, Teachable's founder and CEO, Peter Treadway, and legendary NFL player Larry Fitzgerald.
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The strategic selection of David Rafalovsky as CEO of Oxygen is in line with its track record of elite collaborations. Hussein Ahmed, the founder of Oxygen, is succeeded in the position by Rafalovsky, who grows to be a significant stock shareholder. In January 2020, Ahmed introduced Oxygen, and he will continue to work for the business in his new position as chief product officer.
"As the company prepares to scale its operations and further accelerate growth, David's legacy of success as a global leader and board member ensures the value of Oxygen's technology will continue to inspire – and engage – customers and investors," said Ahmed. "His roots in disruptive engineering allow us to deliver on our commitment to serving anyone looking for the best digital banking solutions in the market."
Rafalovsky, a tech-first operational expert with more than 25 years of domestic and international banking experience, will lead Oxygen into its next growth phase. He has led the design and implementation of numerous cutting-edge technology products for the world's biggest financial institutions and IT companies.
"This marks a new era at Oxygen where we will build upon the incredible foundation created by Hussein and the Oxygen team. I look forward to charting the path forward for the company, building world-class solutions for small businesses and gig economy participants. Not only are small businesses driving the U.S. economy, but they also keep the American dream alive. According to the U.S. Small Business Association, small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses – Oxygen is planning to play a significant role in enabling small businesses' success," said David Rafalovsky, CEO of Oxygen.
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