The company said on its website that it is "pausing" consumer and corporate banking services and would be canceling accounts on March 29. Checks for any outstanding amounts will be issued back.

"Our decision to temporarily suspend banking services reflects our commitment to innovation and growth," states Oxygen.

The company is currently concentrating on Oxygen Health, a new health insurance offering, while a return to banking is anticipated.

"Our mission is to assist people and organizations to reach their financial objectives while putting their health and happiness first by offering reasonably priced solutions. We're making a big step toward this goal with the introduction of Oxygen Health, which will save a lot of money on prescription drugs and open the door for all-inclusive healthcare options."

When Oxygen was first introduced in 2020, it offered small businesses and American customers a range of financial services.

It secured $20 million in funding in February 2023, and industry veteran David Rafalovsky joined as CEO and "major equity shareholder".