Nearside (formerly Hatch) Raises $58 Million Series B for Free Checking Account with Universal 1% Cashback Rewards for Business
SAN FRANCISCO, CA, Dec. 06, 2021 (GLOBE NEWSWIRE) — Today, Nearside (formerly Hatch) announced a $58 million Series B round of funding, seven months after announcing its $20mm Series A in April 2021. The Series B was led by Valar Ventures, with additional investors Kleiner Perkins, Foundation Capital, Jim Breyer from Breyer Capital, Michael Ovitz (Founder of CAA), Kevin Hartz (Founder of Eventbrite), Ryan Petersen (Founder of Flexport) and others.
Nearside provides free small business checking accounts with no monthly fees, overdraft fees, or ATM fees, as well as an unlimited, universal 1% cashback reward debit card program that is unequaled in the banking sector. To help customers save even more money, Nearside also launched Premium Cashback Rewards that stack on top of the 1% Universal Cashback rewards, providing up to an additional 5% back on merchants like Amazon, Walmart, Shopify, Squarespace, Xero, and more. The application process is simple and fast to anyone who wants a cashback debit card for their business.
Supporting the New Economy
Post-COVID, small business ownership has exploded to include over 60 million hard working sole proprietors, freelancers, contractors, and gigsters who operate in the United States. Nearside’s customers like LaShondra White who started her business, Sheer Faces, during the COVID-19 pandemic aren’t only providing a service–they also serve as an inspiration to their local communities with their perseverance and entrepreneurial spirit.
In 2022, Nearside is planning to expand their portfolio of products and services with the launch of its Term Loan product and Sprout, an easy way for our customers to incorporate their businesses right from their Nearside dashboard.
“We believe that people work hard to earn their money and they should be rewarded when they invest in their businesses and not lose their money on hidden bank fees. Access to capital and premium cashback rewards should not be limited to those with prime credit scores.” said Thomson Nguyen, Founder and CEO, Nearside.
At Nearside, we believe that starting a business should be easier. Our mission is to power the new economy and provide small business owners access to transparent and fair financial products. We’re rethinking how business banking should be by removing unnecessary fees and putting money back into our customers’ pockets with a top-tier cashback rewards program and discounts on business tools. At Nearside, small businesses are a big deal.
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