Oxygen’s focus on helping freelancers and other professionals manage their finances is a great example of a technology startup focused on serving a unique population segment. In this case, we’re talking about people with side businesses, side hustles, and various other sources of revenue that might not be core to their main profession. When you’re growing a new business, it’s important to diversify your revenue streams. Otherwise, you risk burning out or giving up what you love doing just because you need a consistent source of income. We get excited when we see companies focusing on helping individuals with multiple income streams. This is a huge opportunity for them to grow their business and serve a very large segment of the population.
What is Oxygen, a digital banking startup that focuses on helping freelancers?
Oxygen is a platform that connects freelancers with clients who need their services. The company claims that it has helped more than 500,000 people earn money by connecting them with clients through their online skills. Oxygen uses machine learning technology and behavioural science to match freelancers to projects. CEO Ritu Desai said, “we want to bring the simplicity of a marketplace to the freelancer.” Its mission is to help people with multiple income streams manage their financial lives — from taxes to retirement accounts to credit card bills.
How does Oxygen help freelancers and others manage their finances?
Oxygen for freelancers helps them manage their finances. It provides freelancers with a single place for all their personal finance data, including accounts, transaction history, income and expense reports, receipts, and statements. All of this is available in one place and in real-time. It even tells you where your money is coming from and where it’s going. Oxygen also helps freelancers keep track of all their expenses.
Who are the target markets for Oxygen?
There are two distinct groups of consumers in the market for oxygen: people who want to live longer and people who want to live better. Both groups see the value in the product.The target markets for Oxygen are small to medium size businesses (SMB) and entrepreneurs working from home for less than a year. These people are just starting out as business owners and haven’t yet figured out how to successfully manage their day-to-day activities from their home office. They are busy individuals who need a simple solution that will help them organize, automate, and simplify the daily tasks that keep them from accomplishing their goals.
How much money does Oxygen raise?
Oxygen raised a total of $6 million in funding. In May 2014, the company announced a Series B financing round led by Lightspeed Venture Partners (LVP) with participation from previous investors, including First Round Capital, True Ventures, Accel Partners, SV Angel, and others. The total investment was $23.5 million.
In conclusion, The company was founded by three guys who had previously started several businesses. They noticed that many freelancers didn’t have a clear way to manage all of their money and income streams. So, they decided to launch Oxygen to solve that problem. According to Forbes, the average freelance worker earns $60,000 annually, but only 38 percent have a systematic approach to managing that money.
1. What does Oxygen do?
Oxygen is a digital banking platform for freelancers and other professionals that helps them manage multiple income streams.
2. How did you come up with the idea?
The founders of Oxygen worked at other companies where they had to juggle multiple revenue streams. They wanted to create a solution for people that could help them only manage their finances.
3. How does the Oxygen app help freelancers and small business owners?
The Oxygen app helps freelancers and small business owners by making it easy to have multiple sources of income.
4. How does the Oxygen app work?
The Oxygen app is a free mobile app that allows users to deposit, withdraw, transfer funds, and pay bills.