Small business financial services platform Nearside has raked in $58m from a Series B funding round headed by Valar Ventures.
Other participants in the investment round included Kleiner Perkins, Abstract Ventures, Foundation Capital as well as angel investors such as Jim Breyer, Kevin Hartz, Ryan Petersen and Michael Ovitz.
Established in 2019, Nearside provides a free small business checking account that comes with a debit card, and offers no monthly fees, overdraft fees or ATM fees, as well as there being a 1% cashback reward programme.
The company is looking to enter the term loans space in 2022 and intends to grow its rewards programme.
Nearside recently rebranded earlier this month when it changed its official name from Hatch.
Nearside founder and CEO Thomson Nguyen said, “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.
“By offering top-tier rewards to people who may not have access to credit cards with rewards, we’re democratising access to fair financial services and helping our customers save and reinvest the money back into their business.”
Earlier this year, Nearside secured $20m across two funding rounds, raising $5m in a seed round and $14m in a Series A haul.
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