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US banking platform Oxygen closes customer accounts

US banking platform Oxygen closes customer accounts

American digital banking platform Oxygen is closing customer accounts by the end of March as it pivots towards heath insurance.

In an update on its site, the company says that it is "pausing" banking services for both its personal and business customers, closing accounts on 29 March. Any remaining balances will be returned via cheque.

"Our decision to temporarily suspend banking services reflects our commitment to innovation and growth," says Oxygen.

While a return to banking is planned, the firm is currently focused on Oxygen Health, a new health insurance offering.

"Our vision is to provide affordable solutions empowering individuals and businesses to achieve financial goals while prioritizing health and happiness. With the launch of Oxygen Health, we're taking a bold step towards this vision, offering significant savings on prescription medications and paving the way for comprehensive healthcare solutions."

Launched in 2020, Oxygen provided a suite of banking services to American consumers and small businesses.

In February 2023 it raised $20 million in funding and brought in industry veteran David Rafalovsky as CEO and a "major equity shareholder".

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