Oxygen

Official Website: https://oxygen.us/
Platforms: Web | Android | iOS
Account Types: Business Checking, Personal Checking
Partner Bank: The Bancorp (via Galileo)
Minimum Account Balance: $0.00
Lowest Monthly Fee: $0.00
Headquarters: San Francisco, CA

Features: Free Checking, Cash Back Rewards, Entity Formation, Virtual Cards, Accounting Integrations

Oxygen is a US challenger bank that offers both personal and business banking and credit for freelancers and the gig economy at large.

Oxygen is a US neobank offering free online and mobile banking for personal and business accounts.

Touting themselves as a banking product for freelancers and the gig economy at large, Oxygen is relatively unique among many neobanks in that they offer both personal and business checking accounts.

Their personal accounts offer cash back rewards and come with the usual benefits of being opened entirely online, a strong entry in the space competing for millenials who are already accustomed to managing their lives entirely on the internet.

Their business accounts offer a fairly original service: Formation of LLCs across all 50 states. While the process of incorporating corporate entities and forming LLCs is relatively easy depending on which state you live in, this is a welcome service offered by a neobank catering to small businesses. Their business accounts also offer integrations with accounting software, and generating virtual card numbers to use for online and phone payments to protect the actual debit card number.

Their main limitation, a major weak spot for entrepreneurs, is that only one business account can be associated with any single individual. So if you were a co-founder of a company and later need an account for another business you run, you may have to look elsewhere.

Overall, Oxygen is a strong offering in both personal and business checking products among neobanks.