Oxygen

-61%

est. 2Y upside i

FinTechSeries B

A leading digital bank in the US offering personal and business…

Rank

#3396

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Low

Given the pivot, lack of growth data, and severe preference overhang (86% of valuation), the expected equity upside is strongly negative at -61%.

Last updated: July 3, 2026

Bull (10%)-8%

Assumes IPO window allows 7x multiple on flat revenue; but 20% dilution erodes gains, resulting in modest loss.

Base (50%)-41%

Multiple converges to 4.5x; flat revenue and 20% dilution lead to significant downside.

Bear (40%)-100%

Multiple compresses to 2x; preference stack of $53.4M wipes out common equity entirely.

Est. time to liquidity~2.5 years

Preference Stack Risk

severe

Funding Intensity

86%

Total funding of $53.4M represents 86% of the $62.1M valuation, so common equity is highly subordinated.

Dilution Risk

high

With no growth and high burn, a down round or significant dilution is likely within 2 years.

Secondary Liquidity

limited

Secondary implied valuation is same as last round, but activity likely low.

Other — 2 roles

Last updated: July 3, 2026

Questions to Ask at the Interview

Strategic questions based on Oxygen's data — designed to show you've done your homework.

1
“How does Oxygen plan to differentiate in the health-finance niche vs competitors?”
2
“What is the revenue trajectory post-pivot, and what milestones indicate growth?”
3
“Given the high preference stack, what is the likely outcome for common shareholders in a sale?”

Our model estimates -61% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.