Digital banking platform Oxygen has appointed a new chief executive officer and announced $20 million in Series B funding.

David Rafalovsky replaces Hussein Ahmed as chief exec and will become a major shareholder. Ahmed founded Oxygen in January 2020 and remains with the company as chief product officer.

Rafalovsky has over 25 years of experience in the banking industry and is co-founder of ROVIAL Space, which provides AI and robotics-based infrastructure to the space industry.

Rafalovsky's previous positions include group chief technology officer and global head of operations & technology for Russian bank Sber.

Commenting on the news Ahmed said: "As the company prepares to scale its operations and further accelerate growth, David's legacy of success as a global leader and board member ensure the value of Oxygen's technology will continue to inspire – and engage – customers and investors."

Oxygen said it will use the Series B funding to increase investment in product development and user experience around its core financial technology products and expand its workforce.

Investors in Oxygen include Y Combinator, Possible Ventures, co-founder of Plaid William Hockey as well as NFL player Larry Fitzgerald.

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