What is Nearside?
Nearside, formerly known as Hatch, operates as a digital banking platform tailored for small and medium-sized businesses (SMBs). Headquartered in San Francisco, California, the company distinguishes itself by offering free small business checking accounts with no associated monthly, overdraft, or ATM fees. A key feature of Nearside's value proposition is its universal 1% cashback reward program on its debit card, a benefit that sets it apart in the competitive banking landscape. This focus on cost-effective and rewarding financial tools positions Nearside to capture a significant share of the SMB market.
How much funding has Nearside raised?
Nearside has raised a total of $78M across 2 funding rounds:
Series A
$20M
Series B
$58M
Series A (2021): $20M with participation from Silicon Valley Bank, Kleiner Perkins, and Foundation Capital
Series B (2021): $58M led by Valar Ventures, Ryan Petersen, Jim Breyer, Michael Ovitz, Foundation Capital, Kleiner Perkins, and Kevin Hartz
Key Investors in Nearside
Valar Ventures
Valar Ventures is an investment firm focused on high-margin, fast-growing financial technology companies globally. They seek out exceptionally focused teams with large ambitions, believing that founders should retain substantial equity and control.
Kleiner Perkins
Kleiner Perkins is a Menlo Parkbased venture capital firm that raises dedicated funds and invests in early and growthstage technology and lifescience companies, backing founders across consumer, enterprise, healthcare, and climate/hard tech with capital and operational support from seed through IPO or acquisition.
Foundation Capital
Foundation Capital is a venture capital firm that partners with bold founders building category-defining technology companies, supporting entrepreneurs from the earliest stages through long-term growth with deep operational and strategic expertise. With a history of backing transformative ideas, the firm focuses on innovation that reshapes industries, guided by a strong belief in conviction, collaboration, and a commitment to lasting impact.
What's next for Nearside?
The recent major strategic investment signifies a pivotal moment for Nearside, likely enabling the company to accelerate its product development, expand its customer acquisition efforts, and enhance its technological infrastructure. As an enterprise-level funding recipient, Nearside is poised for significant scaling, potentially exploring new service offerings or expanding into adjacent markets. The backing from prominent investors suggests confidence in Nearside's business model and its capacity to disrupt traditional banking services for SMBs.
See full Nearside company page
