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🦄 Unicorner Startup of the Week: Oxygen
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✍️ Notes From The Editors
We hope your $GME and $AMC returns were plentiful. Doge to the moon! 🚀
On another exciting note: to celebrate invite-only audio chat platform Clubhouse's Series B round, we will be giving away five invites to our subscribers! You can find more details on how to participate here.
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Oxygen is an FDIC-insured neobank (an entirely digital bank) targeting freelancers. They offer personal and business accounts with features like zero monthly fees, cashback rewards, and virtual debit/credit cards. Personal accounts have the benefit of early paycheck access, while business accounts have the option to get assistance with setting up their LLCs.
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💰 Business Model
Oxygen is available to both individuals and small businesses through their mobile app on the iOS App Store and Google Play. Users who draw down their credit limit pay a monthly fee of $29.99.
📈 Traction and Fundraising
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Has opened over 125,000 accounts since its launch in January 2020
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Took part in Y Combinator S18 batch
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Raised $17 million Series A round with investors like Runa Capital, S7V, 1984.vc, and more
👫 Founder(s)
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Hussein Ahmed, CEO: Previously founder and CEO @ Transpose Technologies, Engineering Manager @ Amazon, MBA @ Berkeley Haas, CS MS & PhD @ Virginia Tech, Computer Engineering MS & BS @ Arab Academy for Science, Technology and Maritime Transport
🔮 Our Analysis
A freelancer’s life can be marked by financial uncertainty; gigs can be unpredictable and often aren’t as steady as a salary. If you’re a freelancer, you may have had difficulties with banks and proving a steady income. Oxygen wants to address this by tailoring its offerings for freelancers and their unique needs. For example, where a conventional bank may take days to process a paycheck, Oxygen makes those funds available two days earlier. It’s also easier to get approved for a credit line with Oxygen as opposed to a conventional bank. Given that freelancing is on the rise in the United States, Oxygen is positioned to have a successful future.
📚 Further Reading
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Made with 💜 by the Unicorner Team 🦄
Comments? Just reply to this email!
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🎁 Bonus Content!
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Product Hunt had their annual “Golden Kitty” awards last Thursday, where they rank top products in different categories. You can check out the list of those products here.
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To our readers in Southern California: our friends at Hero House are offering students the opportunity to work with deep-tech teams on their growth strategies with the help of seasoned mentors and industry experts. You can apply to join the program here.
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