Oxygen announced a temporary suspension of banking services and account closures as it pivoted toward health-focused products.
SourceA leading digital bank in the US offering personal and business…
Public company, workplace, funding, and market signals
Oxygen is a US digital banking/neobank platform that historically served freelancers, creators, entrepreneurs, and small businesses. The company paused its banking services in March 2024 and publicly said it was pursuing new health-focused initiatives.
Primary product
Digital banking platform / neobank for consumers and small businesses
Founded
2018
Headquarters
Princeton, New Jersey, United States
Team size
51-200
Work style
Remote
Industry
Financial Services
Sub-industry
Digital Banking / Neobank
Offices
0 jobs at Oxygen
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Business model
Stage
Series B
Total raised
$53.4M
Latest round
Series B · Feb 2023
Latest amount
$20M
Leadership
Chief Executive Officer
Founders
Founder
Investors
Highly collaborative, fast-paced, autonomous, and strongly product- and execution-oriented.
Work style
Remote
Visa sponsorship
Limited
Compensation
Engineering postings advertised roughly $160K-$230K base salary depending on role, plus equity. Public jobs also mention benefits such as medical/dental/vision, HSA, PTO, sick leave, parental leave, and 401(k).
Benefits
Pricing
Historically free/no monthly fees, with a membership-based credit reserve feature when credit was drawn; current banking services are paused.
Differentiators
Technology
Customers
Competitors
Estimated revenue
~$10.2M annual revenue (estimated ARR)
Estimated monthly visits
180.1K
Traffic estimate as of May 2025
Finextra · Mar 2024
Reported that Oxygen was closing customer accounts by the end of March as it pivoted toward health insurance.
FinTech Futures · Mar 2024
Industry coverage of Oxygen’s shift away from banking and toward health-focused offerings.
Accesswire · Mar 2024
Official announcement that Oxygen would temporarily suspend banking services, begin account closures, and launch Oxygen Health.
Oxygen Banking Help Center · Mar 2024
Help-center version of the company’s banking pause and health pivot, including the stated plan to launch Oxygen Health.
PR Newswire · Feb 2023
Announced a $20M Series B and the appointment of David Rafalovsky as CEO, with Hussein Ahmed moving to Chief Product Officer.