Nearside, an SMB-focused neobank based in the US, has raised $58m in a Series B funding round led by Valar Ventures.
Investors such as Kleiner Perkins, Foundation Capital, Jim Breyer from Breyer Capital, CAA founded Michael Ovitz, Eventbrite founder Kevin Hartz, Flexport founder Ryan Petersen and others also joined the round.
The latest funding round comes seven months after Nearside, formerly called Hatch, announced a $20m Series A round.
Nearside is planning to expand its products and services portfolio in 2022 to include its term loan product and Sprout, which will allow customers to incorporate businesses from the Nearside account.
Currently, the neobank offers fee-free small business checking accounts, ATM fees and an ‘unlimited’ 1% cashback reward debit card program.
It has also launched a cashback reward programme to offer an additional 5% back on merchants such as Amazon, Walmart, Shopify, Squarespace, Xero, and others.
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By GlobalDataNearside CEO and founder Thomson Nguyen said: “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.”
The online bank said it is actively working to support 60 million working sole proprietors, solopreneurs, freelancers, contractors, and gig workers in the US.
Recently, another US-based SME-focused digital lender Locality Bank raised $35m in funding.
