US-based digital bank Oxygen has launched a new app-based digital banking solution designed to cater to the needs of freelancers and digital natives.
The new Oxygen app is aimed at providing ‘flexible banking solutions’ to freelancers and small businesses in the US who depend on multiple income streams, contract work, and gigs.
Oxygen offers both, a consumer and small business account, with zero monthly fees. It uses digital technology and a network of top partners to offer these solutions.
Additionally, the users can create a limited liability company (LLC) within the app to protect their personal assets.
They can also earn cashback for everyday expenses like groceries, food delivery, coffee shop purchases, gas, rideshares and more.
Oxygen founder and CEO Hussein Ahmed said: “The US gig economy is booming, and in the current environment we will only see that increase.
“Unfortunately, some traditional institutions aren’t adapting. That’s leaving the newest generation of workers and those who are self-employed short on options.”
Oxygen has also joined Visa’s Fast Track programme to boost its payment capabilities.
The company will also leverage Visa Direct to ensure its freelance customers are paid faster.
By joining Visa’s Fast Track programme, Oxygen will be able to access the resources that rapidly growing companies need to scale. Oxygen views the collaboration as critical to its success.
Visa fintech SVP and global head Terry Angelos said: “By joining Visa’s Fast Track program, exciting fintechs like Oxygen gain unprecedented access to Visa experts, technology and resources.”
Ahmed added: “Adding faster payment functionality will greatly help with cash flow – the lifeblood of any small business.”
The Oxygen app is currently available only in the US and can be downloaded for free on iOS and Android devices.