Smb Neobank Nearside, Formerly Known As Hatch, Gets $58M Series B Led By Valar

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For a more in-depth look at Nearside, take a look a TechCrunch’s article from April 2021, when the startup launched publicly and announced its $20 million Series A. After founder and CEO Thomson Nguyen’s last startup, Framed Data, was acquired by Square, he became entrepreneur-in-residence at Kleiner Perkins. The company isn’t currently sharing its customer numbers, but Nguyen said its user base has increased by 800% since its Series A announcement. The startup changed its name to Nearside “because we wanted to find a name that resonates with our customers at all stages of their business journey—from the individual freelancer, to the incorporated LLC owner, and beyond,” he said. Nearside doesn’t target any specific sectors, and it onboards incorporated small businesses, like Sheer Faces, an eyelash extension and brow shaping boutique in East Pointe, Michigan owned by LaShondra White. Nearside is able to offer its universal 1% cashback reward program “because we’ve built our onboarding, payments and serving infrastructure in-house, we’re able to minimize the number of vendors we work with and thus keep more of the interchange revenue with nearside,” Nguyen said.