Freelancers in Egypt have always suffered when it comes to financial matters. Taking loans or applying for a credit card are problems they usually face, because where’s your documentation? Hussein Ahmed made it his mission to solve these problems when starting the first freelancers bank.
Oxygen Digital Bank Is Here
It’s a San-Francisco- based start-up, founded solely by the Egyptian Hussein Ahmed. It’s a digital banking app and a membership program through which freelancers can now easily access their credit. Once they sign up and their identity is verified, they can receive a Visa debit card.
The Bank Raised $2.3 Million
In seed funding round in the first close, from different investors including Digital Horizon Capital, Cynthia Chen, and the cross-border VC with offices in the United States and Egypt.
Uniqueness of the Digital Bank
It was firstly founded in 2017, but has witnessed amazing growth over the months since its November launch. It doesn’t charge fees for taking out a loan, instead the app assesses a monthly fee if the user draws down the credit limit.
Efficient and on-going access to a credit line.
The Inspiration Behind this Bank
Hussein understands the true struggle of freelancers; he has been one himself back when he was a consultant in the Bay area. And this is actually what inspired him to start this bank. “I tried to take a loan out from LendingClub”, then they “asked for 10 pages of documentation” because he was a freelancer.
Their services are only available in California, but they are going to start covering other states. Brace yourselves, freelancers, we are having a bank.