Oxygen Announces $20 Million Funding and Appointment of New CEO as Platform Doubles Down on Growth


Digital Banking Leader to Expand Product Development, Hiring With Funds From Prominent Return Investors

SAN FRANCISCO, Feb. 2, 2023 /PRNewswire/ — Digital banking platform Oxygen today announced $20 million in Series B funding – led largely by return investors – and the appointment of David Rafalovsky as Chief Executive Officer (CEO). Oxygen will use the funds to increase investment in product development and user experience around its core financial technology solutions, and to expand its workforce to meet growing demand.

Oxygen provides flexible, all-in-one digital banking services to both consumers and small businesses seeking modern financial solutions. As the first and only neobank in the U.S. to launch with both the consumer and small business in mind, the company continues to attract investment based on its rapid growth trajectory and highly engaged customer base. Today’s announcement follows a strong track record of fundraising with investments that included Y Combinator,, Rucker Park and Possible Ventures, in addition to celebrity and prominent fintech investors Frank Strauss, Global CEO of the Private & Commercial Bank for Deutsche Bank AG; William Hockey, co-founder of Plaid; Ankur Nagpal, founder and CEO of Teachable; Peter Treadway; and all-time NFL great Larry Fitzgerald.

In alignment with its record of top-tier partnerships, Oxygen has announced the strategic appointment of David Rafalovsky as CEO. Rafalovsky becomes a major equity shareholder and 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.

“This marks a new era at Oxygen where we will build upon the incredible foundation crated by Hussein and Oxygen team.  I look forward to chart the path forward for the company, building world class solutions for small businesses and gig economy participants.  Not only are small businesses driving the U.S. economy, but they also keep the American dream alive.  According to the U.S. Small Business Association, small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses – Oxygen is planning to play a significant role enabling small businesses success” said David Rafalovsky, CEO of Oxygen.

A tech-first operational expert, Rafalovsky brings more than 25 years of domestic and international banking experience to take Oxygen into its next growth phase, having led the design and rollout of many innovative technology products for the world’s largest financial institutions and IT organizations.

“As the company prepares to scale its operations and further accelerate growth, David’s legacy of success as a global leader and board member ensure the value of Oxygen’s technology will continue to inspire – and engage – customers and investors,” said Ahmed. “His roots in disruptive engineering allow us to deliver on our commitment to serve anyone looking for the best digital banking solutions in the market.”

Rafalovsky’s previous positions include Group CTO and Global Head of Operations & Technology for Sber, one of the largest European digital banking ecosystems and world’s “Best Digital Consumer Bank 2021” according to Global Finance Magazine, and Managing Director, CTO of Global Functions for Citi. He is also the chairman of the board and co-founder of ROVIAL Space, which seeks to equip the new space economy with AI & robotics-based infrastructure enabling sustainable autonomous in-space businesses.

About Oxygen

Oxygen is a modern financial platform designed for the 21st-century economy – providing digital natives, creators and entrepreneurs pushing everyday boundaries a 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, simple 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 that is elegant, simple and secure. Reject ordinary. Banking for the Extraordinary.

Banking services provided by The Bancorp Bank, Member FDIC. The Oxygen Visa® Debit Card and the Oxygen Business Visa® Debit Card are issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

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