Shutdown
Mar 2024Oxygen 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…
Company research
Public company, workplace, funding, and market signals
Overview
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
502 Carnegie Center Drive Suite #103, Princeton, NJ 08540, United States
Business model
consumer banking
small-business banking
debit-card / interchange
lending / credit products
Funding
Stage
Series B
Total raised
$53.4M
Latest round
Series B · Feb 2023
Latest amount
$20M
People & investors
Leadership
Chief Executive Officer
Founders
Founder
Work & culture
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
medical
dental
vision
HSA
PTO
sick leave
parental leave
401(k)
equity
Product & market
Pricing
Historically free/no monthly fees, with a membership-based credit reserve feature when credit was drawn; current banking services are paused.
Differentiators
- —Consumer and business banking in one app
- —No monthly fees
- —Early direct deposit
- —Cashback rewards
- —FDIC-insured banking via partner bank
- —LLC incorporation and invoicing features
- —Historically cash-flow-aware credit / reserve features
Technology
AWS
Python
Java
JavaScript
CI/CD
distributed systems
iOS
Android
Customers
freelancers
gig workers
creators
entrepreneurs
small business owners
Competitors
Found
Mercury
Lili
Novo
Current
Ando Money
Scale & contact
Estimated revenue
~$10.2M annual revenue (estimated ARR)
Estimated monthly visits
180.1K
Traffic estimate as of May 2025
Signals & risks
Other
Mar 2024The company publicly shifted its strategy from banking toward Oxygen Health and other health-related solutions.
SourceLatest news
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.
Jobs and careers at Oxygen
0 jobs at Oxygen
No open positions
Check back later for new openings