David Yakobovitch spoke to Ryan Conway, SVP, Head of Business Development & Strategic Partnerships at Oxygen about how Oxygen improves banking for SMEs.

Here is what they covered:

FinTech evolution

• Fintech industry trends

  • Predictions for fintechs and traditional banking

  • FinTech 1.0 - unbundling

  • FinTech 2.0 - rebundle multiple products

  • FinTech 3.0 (smart money/ AI)

  • Crypto

SME banking

• Now more than ever, the importance of banking for small businesses

  • Banking for small businesses

  • Oxygen recently announced a partnership with Fundera (Nerd Wallet) to help small businesses and self-employed people who were largely left out of the 1st PPP round

COVID-19 and banking

• How COVID has changed banking

  • Digital banking is here to stay and traditional banks have to be prepared to handle all aspects of their business through digital channels

  • COVID-19 has also been the biggest digital acquisition driver and many customers are finally embracing their digital tools, but FinTechs have re-examined ways to drive every accounting process to be more efficient and user friendly

Brand equity

• Creating and maintaining brand equity

  • Ex: Robinhood/ GameStop stock situation

Oxygen's journey

• Oxygen’s milestones

  • Series A

  • Peek of products- segmenting of cards, the elevation of the brand, additional features

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