Oxygen
Oxygen is a US-based digital neobank providing consumer and small business banking through a mobile app, historically serving 250K+ monthly active users and generating $550K/month in card swipe revenue; services are currently paused.
- Company typePrivate
- Founded2018
- HeadquartersPrinceton, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Oxygen does
Oxygen is a US-based digital neobank founded in 2018 and headquartered in Princeton, New Jersey, that provides consumer and small business banking within a single mobile application. The platform was built on an award-winning, scalable cloud-based core banking infrastructure and targeted mid-to-high income millennials, gig economy workers, small businesses, and entrepreneurs. Historically, the company scaled to 250K+ monthly active users, 1,750+ daily active business users, and approximately $550K per month in card swipe revenue, with monetization primarily through transaction fees on card processing.
The company is venture-backed across multiple rounds totaling roughly $45 million (including a $7M Series A1 in 2019, a $17M Series A2 in late 2020 led by Runa Capital, and a $20M Series B in February 2023 from existing investors). In 2023, founder Hussein Ahmed was replaced as CEO by David Rafalovsky, who became a major equity shareholder. The go-to-market motion is product-led and direct-to-consumer, relying on self-serve onboarding through the Oxygen app rather than a branch or sales-led channel.
As of the most recent source material, Oxygen's website states that "services are currently unavailable" while the company pursues "new and exciting initiatives," indicating the consumer neobank product has been paused. The publicly listed contact routes to [email protected], suggesting a possible operating linkage with Vativis during this transitional period.
Oxygen firmographics
Firmographics- Name
- Oxygen
- Legal name
- Oxygen
- Website
- https://oxygen.us
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Oxygen is a US-based digital neobank providing consumer and small business banking through a mobile app, historically serving 250K+ monthly active users and generating $550K/month in card swipe revenue; services are currently paused.
- Ownership category
- akta.pro rank
Oxygen industry classification
Industry- Product category
- Digital Banking / Neobank
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)
- akta.pro primary industry
- Enterprise Content Management (ECM) Suites (HDAEAGAB)
Keywords
Where Oxygen is headquartered
LocationHeadquarters
- HQ city
- Princeton
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Oxygen business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Digital Banking Services: Neobank providing financial products to consumers and small businesses, generating revenue through transaction fees, card services, and potentially subscription-based premium services.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels1 record
Oxygen product offering
Product offeringCore offering
Oxygen operates a digital neobank platform offering consumer and small business banking through a single mobile application. The platform serves mid-to-high income millennials, gig economy workers, entrepreneurs, and small businesses in the U.S., providing banking services and card swipe functionality with an award-winning, scalable core banking foundation.
Product overview
Oxygen is a single digital banking platform—a neobank—that provides financial products and services to consumers and small businesses, primarily targeting mid-to-high income millennials, gig economy workers, and entrepreneurs in the U.S. The platform offers banking services including card swipe functionality for businesses. Historically, Oxygen served over 250,000 monthly active users and processed approximately $550,000 in monthly card swipe revenue.
Differentiator
Problem solved
Functional benefit
Products and services
- Oxygen Digital Banking Platform A digital banking platform providing consumer and small business banking through a single mobile application, serving mid-to-high income millennials, gig economy workers, entrepreneurs, and small businesses in the U.S. with banking services and card swipe functionality.
Quantifiable outcome
- 250K+ monthly active users
- +2 more outcomes
Companies that use Oxygen
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Oxygen technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Oxygen partnerships and signals
Strategic signalScale indicators4 records
Recent moves9 records
Expansion highlights3 records
Oxygen competitors and assessment
Company assessmentDirect peers
- Chime: Chime is a US neobank serving consumers and small businesses through a mobile-first digital banking platform. It directly competes with Oxygen's target segments of mid-to-high income millennials, gig workers, and SMBs using a similar fee-free model.
- Mercury: Mercury provides digital banking tailored to startups and SMBs, including business checking, treasury, and bill pay. It is the closest direct competitor to Oxygen's SMB banking proposition with comparable product scope and customer profile.
- Novo: Novo is a US neobank focused on small businesses, freelancers, and entrepreneurs, offering digital business checking, invoicing, and expense tools. It competes head-to-head with Oxygen for the SMB and entrepreneur segment.
- Bluevine: Bluevine offers digital business banking, checking, and credit products to US small businesses. Like Oxygen, it targets SMBs seeking modern banking alternatives, with overlapping product features such as digital onboarding and integrated card services.
- Lili: Lili provides neobank services tailored to freelancers, gig workers, and solo entrepreneurs, including banking, expense tracking, and tax tools. It overlaps directly with Oxygen's gig economy and entrepreneur customer segment.
- Found: Found is a US neobank offering banking, accounting, and tax features for self-employed individuals and small businesses. It is directly comparable to Oxygen's entrepreneur- and freelancer-focused offering.
- Relay Financial: Relay Financial provides online business banking with multiple checking accounts, bill pay, and integrations tailored to SMBs. It competes in the same SMB digital banking niche as Oxygen's business banking product.
- North One: North One is a US-focused small business banking platform offering digital checking, accounting integrations, and cash flow tools. It is comparable to Oxygen in target customer (SMBs) and digital-first delivery model.
Broad incumbents
- LendingClub Bank: LendingClub Bank is an established US digital bank offering consumer and small business banking, lending, and deposit products. It serves overlapping customer segments to Oxygen but operates at significantly larger scale with a full banking charter.
Emerging players
- Current: Current is a US fintech offering mobile banking accounts targeting consumers, gig workers, and SMBs with features such as faster payouts and business accounts. It overlaps with Oxygen's consumer and gig-economy segments while expanding into business banking.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Oxygen social profiles
Digital presenceOxygen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Oxygen leadership team
Management profileNumber of profiles
Profiles5 records
Oxygen funding detail
Funding detailFunding overview
Funding rounds5 records
Investors28 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Oxygen M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Oxygen
What does Oxygen do?
Oxygen operates a digital neobank platform offering consumer and small business banking through a single mobile application. The platform serves mid-to-high income millennials, gig economy workers, entrepreneurs, and small businesses in the U.S., providing banking services and card swipe functionality with an award-winning, scalable core banking foundation.
Is Oxygen a public or private company?
Oxygen is a private company. It is classified as venture growth investor backed and is currently operating.
When was Oxygen founded?
Oxygen was founded in 2018. It employs 11 to 50 people.
Where is Oxygen based?
Oxygen is headquartered in Princeton, United States, in the North America region.
How does Oxygen make money?
One revenue line is on record: digital Banking Services.
Who are Oxygen's main competitors?
Direct peers on record are Chime, Mercury, Novo, Bluevine, Lili, Found, Relay Financial and North One. LendingClub Bank is listed as a broad incumbent. Current is listed as an emerging player.
Does Oxygen have an API?
No public API is recorded for Oxygen.
What industry is Oxygen in?
Oxygen's product category is Digital Banking / Neobank. Its primary akta.pro industry code is HDAEAGAB, Enterprise Content Management (ECM) Suites. Its NAICS code is 518.