Hatch raises $20 million

Hatch, the San Francisco-based startup offering modern banking for small businesses has come to life. The startup has launched a new business checking account product and it is also disclosing a $20 million in funding from Kleiner Perkins and Foundation Capital, among others.

Founded in 2018 and led by Thomson Nguyen, a Hatch business account costs $1o a month and offers and range of benefits including up to 5% debit cashback at gas stations, restaurants, and other businesses, no NSF fees, and up to $50 if one’s balance goes negative with Hatch Cover. Businesses can also apply for a line of credit and enjoy perks from a variety of partners such as Square, QuickBooks, Yelp, Gusto and others.

The startup serves a wide range of sectors, including first-time entrepreneurs. “There’s been this interesting trend of sole proprietors and individual creators who maybe had a side hustle, and after they were laid off during COVID, they decided, okay, I’m going start a small business. Through our research, that’s actually how a lot of small businesses think of themselves, not as Thomson Tacos LLC for example, but just as myself, as Thomson, a person who is running this business.” – CEO and founder Thomson Nguyen via TechCrunch.