In today’s top news in digital-first banking, Oxygen has completed a $17 million Series A funding round, while SVB Financial Group plans to acquire Boston Private Financial Holdings. Plus, China’s Banking and Insurance Regulatory Commission (CBIRC) is moving to build up at-risk rural banks.
Digital Banking Startup Oxygen Secures $17 Million Series A
Online banking platform Oxygen has finished a $17 million Series A funding round that included Inventures, Rucker Park, EFG Hermes, 1984.vc, S7V and Runa Capital. Oxygen, which was started in January 2020, provides small companies and individuals with flexible finance choices without a minimum balance or monthly charges. “Oxygen is the premier banking platform for today’s digital consumer,” Runa Capital General Partner Andre Bliznyuk said in a release.
SVB Financial Group intends to buy Boston Private Financial Holdings for approximately $900 million. Santa Clara, California-based SVB, which is the parent company of Silicon Valley Bank, said the purchase would speed up its growth in private banking and wealth management. Boston Private Financial Holdings is Boston Private Bank & Trust Co.’s parent company.
China’s Bank Regulators Move To Shore Up At-Risk Rural Banks
China’s Banking and Insurance Regulatory Commission (CBIRC) is encouraging backers like businesses and non-bank financial groups to acquire and offer further funds to build up at-risk rural banks. “A small group of rural banks have become high-risk financial institutions in recent years due to various factors, seriously affecting and limiting their sustainable development and financial service capabilities,” CBIRC said, per a published report.
RAKBANK Renews Collaboration With Invoice Bazaar To Help SMBs
The National Bank of Ras Al Khaimah (RAKBANK) has renewed its relationship with Dubai-based financial technology firm Invoice Bazaar. The renewed collaboration follows the financial institution’s plan to make an effective ecosystem and environment for small and medium-sized enterprises (SMBs) by offering unique financial offerings to eCommerce merchants.
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