Hatch offers Hatch Business Checking — a $10/month business account with no NSF or overdraft fees, cashback, virtual Mastercard numbers, and automated online onboarding. The company uses machine learning to automate KYC/KYB, approve accounts in under five minutes, and perform real-time fraud and risk monitoring. It provides Hatch Cover (overdraft protection up to $100) and offers business lines of credit and loans from $200 to $5,000 (18–24% APR) with approvals in as little as two hours. Hatch currently covers overdrafts and credit lines from its own balance sheet and sees interchange plus subscription ($10/month) as its primary revenue model. The product launched rolling out in January and the company reports roughly 4,000 users. Hatch has grown its team from eight to 48 employees and plans to expand its Business Checking and build additional products for the estimated 40 million U.S. small businesses.

Total raised

$20M

Funding rounds

1

Latest round

Equity

Latest activity

Apr 2021