Today, Hatch Credit, Inc. ("Hatch") announced the launch of Hatch Business Checking, a modern checking account designed to support small businesses. Business checking is the next product to be added to Hatch's platform of financial products and services, alongside Business Line of Credit (est. 2020) which offers small business owners a $200-$5,000 line of credit at 18-24% APR - with no FICO check or credit pull.
Hatch's mission is to provide accessible, transparent, and fair financial and lending products to help people start and grow their businesses. Hatch is especially focused on helping small business owners who have been disproportionately disadvantaged by the high costs and fees associated with traditional financial products.
With Hatch Business Checking, small business owners can get set up in just a few minutes with a quick and simple application process. Once an account is opened, customers receive a virtual debit card number immediately and can start moving money in order to use their new business checking account. To help small business owners save money and reinvest in their businesses, Hatch Business Checking features no minimum balance requirements, no insufficient funds fees assessed by Hatch, free in-network ATM withdrawals, up to 5% in cashback rewards on eligible debit card purchases, and Cover, which protects eligible customers for up to a certain amount if they overdraw their accounts. Hatch charges customers a simple, transparent flat fee of $10 per month for the Business Checking product.
Thomson Nguyen, Hatch's Founder and CEO was previously an Entrepreneur-in-Residence at Kleiner Perkins, and before that Square Capital's Head of Data Science. In his professional career and throughout researching how to build Hatch, Thomson conducted hundreds of interviews with small business owners with little to no credit history, recent immigrants, and the financially underserved.
To support its mission of supporting small business owners, Hatch also announced $20 million in funding raised across their seed and Series A rounds. Investors include: Kleiner Perkins, Foundation Capital, Abstract Ventures, SVB, Gokul Rajaram, former Square executive, and Zach & William, founders at Plaid.
"Research shows that in 2020 alone, Americans paid over $11B in overdraft fees, and frequent overdrafters paid over $450 in overdraft fees. Statistics like these and the conversations I've had with business owners has more than convinced me that there have to be better ways to leverage technology and provide fair financial services for small businesses." - Thomson Nguyen (Founder/CEO)
Hatch is a modern banking platform for small businesses. At Hatch, we believe that starting a business should be easier. Our mission is to empower small business owners with accessible, transparent, and fair financial and lending products. With Hatch Business Checking, we are re-thinking how business banking should be by doing away with unnecessary fees and putting money back into our customers' pockets with cashback rewards and discounts on business tools. With the Business Line of Credit, we give those with little-to-no credit history the benefit of the doubt with our alternative underwriting process, and we offer simple, transparent fees.
Source URL - https://www.newswire.com/news/hatch-raises-20-million-and-launches-hatch-business-checking-to-21376781
