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.

The investors included Y Combinator, 1984.vc, Rucker Park, Possible Ventures, Frank Strauss, William Hockey, Peter Treadway, and Larry Fitzgerald.

The company intends to use the funds to increase investment in product development and user experience around its core financial technology solutions, and to expand its workforce.

Led by CEO David Rafalovsky, Oxygen is a modern financial platform providing digital natives, creators and entrepreneurs with 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, 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.

David Rafalovsky succeeds Hussein Ahmed, founder of Oxygen, in the role. Ahmed launched Oxygen in January 2020 and will remain with the company in the new role of Chief Product Officer.