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Nearside Announces $58 Million Series B

Nearside (formerly Hatch) is excited and proud to announce that we have raised a Series B round of $58 million led by Valar Ventures.

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Today, I’m excited and proud to announce that the Nearside team (formerly Hatch) has raised a Series B round of $58 million led by Valar Ventures. We’re also excited to have existing investors Kleiner Perkins, Foundation Capital, and Abstract Ventures double down, and we welcome new investors Michael Ovitz (Founder of CAA), Jim Breyer (Founder of Breyer Capital), Kevin Hartz (Co-Founder of Eventbrite), Ryan Petersen (Founder of Flexport), and other angels, founders, and operators who are supporting our mission to empower people to start and grow their businesses. 

About Nearside

As I write this letter I can’t help but feel humbled by how far the team has come and how important our mission continues to be for our customers in the US. Whilst navigating a global pandemic, we’ve been growing fast and have continued to provide access to transparent and fair financial products for our customers. 

Earlier this month, we renamed ourselves to Nearside. This name is inspired by our commitment to supporting our customers--and to always be by their side through the ups and downs of building a business. We remember this promise as we think about every new feature or product we build.

(The Nearside Team in Chicago for an Offsite)

Today, we are providing to our customers a free small business checking account with simple and transparent pricing, no monthly fees, overdraft fees or ATM fees, as well as unlimited 2.2% cashback rewards in 2022. And unlike a credit card, you do not need to qualify, the application process is simple and the rewards debit card is available to anyone who wants it for their business.

In 2022, we’ll be launching Term Loans and other software services like Sprout--an easy way for new business owners to incorporate their businesses right from their Nearside account. We’ll continue to grow our Perks program alongside our cashback rewards, and we’ll find more ways to move money to your Nearside account faster (and in some cases, instantly). 

We’re actively improving our services to support the 60 million hard working sole proprietors, solopreneurs, freelancers, contractors, and gigsters who work and build their local communities in the United States.

At Nearside, the Smallest Businesses Are a Big Deal

The smallest of the small businesses have too long been ignored by the financial industry.  Any individual who is their own boss and sells products or services is a small business owner, and we want to make it easier than ever for these folks to find success in supporting themselves, their families, and their communities.

LaShondra White, Owner of Sheer Faces (Eastpointe, MI).

We’re not just trying to build another bank account. By removing our monthly fee and tailoring our cashback rewards program toward products and services that people actually use in their day-to-day business, we’re redefining how the market thinks about card-linked rewards programs. By offering top-tier rewards to people who may not have access to credit cards with rewards, we’re democratizing access to fair financial services and helping our customers save and reinvest the money back into their business. For new businesses, cash flow is everything and every dollar counts.

With the $58 million Series B funding, we’re excited to grow faster, but more than anything, we’re excited to help more people across the US in achieving their business goals and grow the pie.

See TechCrunch's release of our product updates and series B announcement in this article here.

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