The Paypers

The latest round was led by Valar Ventures, with participation from Kleiner Perkins, Foundation Capital, Breyer Capital founder Jim Breyer, Creative Artists Agency founder Michael Ovitz, Flexport founder Ryan Petersen and Eventbrite founder Kevin Hartz.

Nearside offers business checking accounts with no monthly, overdraft or ATM fees, as well as a universal 1% cashback reward program that it says is a first in the SME online banking space. It also recently launched Premium Cashback Rewards, which offer up to 5% cashback at merchants like Amazon, Walmart, Shopify, Squarespace, and Zero.

The company has built their onboarding, payments, and serving infrastructure in-house, minimised the number of vendors they work with and thus can keep more of the interchange revenue. Nearside doesn’t target any specific sectors, and it onboards incorporated small businesses. Its customers also include freelancers, solo entrepreneurs and people who haven’t formally started their business yet.

Nearside, rebranded from Hatch, raises USD 58 mln in Series B