Nearside plans to use the funding to launch new products and services. Here are the top-line bullets you need to know.
Nearside, a digital banking platform, has raised $58M in Series B round that drew participation from Valar Ventures, Foundation Capital, and Kleiner Perkins Caufield & Byers, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Nearside offers business checking accounts as well as 1% and 5% cashback rewards programs.
- The company claims to have increased its customer base by more than 800% since April 2021.
- The company primarily caters to small businesses, such as J&M Roadside, Colorado Peach Company, Texas Pool Club, and Split 2 Imagez.
WHY DOES THE MARKET MATTER?
- The global fintech market is projected to reach a value of $324B by 2026, growing at a CAGR of 23.4%, according to Market Data Forecast.
- The fintech market has seen a funding boom in recent years. In the first 3 quarters of 2021, VCs invested $94.7B across 3,549 deals in fintech companies.
- The global rate of fintech adoption stands at 25%, signaling a growth opportunity for providers and first movers.