Nearside
“Can a neobank profitably serve the smallest sole proprietors and freelancers that traditional banks won't underwrite?”
Founded2019
HQSan Francisco, California, United States
FoundersThomson Nguyen
Total raised$73M
Latest roundSeries B, 2021
IndustryFintech / SMB banking
The story
Founded 2019 by Thomson Nguyen (previously acquired into Square via Framed Data) as Hatch, a neobank targeting the smallest of the small businesses — sole proprietors, freelancers, gig workers — under-served by traditional banking. Rebranded to Nearside in late 2021 alongside a $58M Series B. Ran an Evolve Bank & Trust-sponsored business checking product plus SMB lines of credit. The company was ultimately acquired/merged by Priority Financial, and the standalone Nearside neobank product has effectively wound down.
Last 12 months
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Product timeline
2019
Founded as Hatch by Thomson Nguyen, targeting SMB neobanking for sole proprietors and freelancers· pivot
2020
Raised $14M Series A· banking
2021
Rebranded from Hatch to Nearside; raised $58M Series B led by Valar Ventures· pivot
2022
Offered business checking with Evolve Bank & Trust as sponsor bank, plus line of credit product· banking
2023
Acquired by Priority Financial in M&A deal (~$130M per PitchBook)· acquisition
The stack
3 layers disclosed in Nearside’s embedded-finance stack
Lending
Nearside (in-house)Nearside Line of Credit
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: minor
3 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.