Understanding Hatch Bank

A New Kind of Bank for a New Kind of Business

Have you ever considered starting your own business? Many people dream of this. But dealing with money can be tricky, especially when starting. That’s where Hatch comes in. Hatch is a new kind of bank that wants to help small businesses grow.

What Makes Hatch Different?

Hatch isn’t like the banks you might see on your local street corner. It’s a digital bank. That means you can do all your banking online or through an app on your phone. Hatch works with other tech companies to offer things like:

Bank accounts for businesses
Debit and credit cards
Ways to borrow money
Tools to make payments

But Hatch doesn’t just want to be another bank. They want to be the best bank for small businesses. To do that, they needed to find better ways to work with their partners and customers.

The Problem: Too Many Tools, Too Much Confusion

Before Hatch found a solution, they had a big problem. They were using lots of different tools to manage their work:

Spreadsheets
Emails
Different computer programs
Tools they made themselves

This caused a lot of headaches. It was hard to keep track of everything, and different tasks were done in other places. This made things confusing for the Hatch team and the businesses they worked with.

Hatch knew they needed one place to do all their work. They wanted a way to:

Share information easily
Talk to their partners
Keep an eye on everything that is happening

But their old way of doing things didn’t work. Information was spread everywhere, and it was hard for others to find what they needed if someone was out of the office.

The Solution: Themis to the Rescue

In 2021, Hatch heard about a tool called Themis. Themis promised to fix all of Hatch’s problems, put everything in one place, and make work easier. After checking it out, Hatch decided to use Themis.

How Themis Helped?

Hatch started using Themis in 2023. Here’s how it made things better:

Easier Onboarding: When Hatch works with a new partner, they must collect much information. With Themis, they can invite partners to a unique online workspace. Partners can upload all the required documents right there. This makes it much faster for us to start working together.
Better Organization: Hatch made a template in Themis with all the documents they need from partners. When they work with someone new, they copy the template. This saves a lot of time.
Faster Marketing: Hatch has to check all the ads and marketing materials their partners want to use. With Themis, they’ve looked at over 120 marketing items. They can see who approved each one and why. They can even save a record of the whole process for auditors.
Problem Solving: If there’s a problem, Hatch uses Themis to track it. They can make plans to fix issues and assign people to work on them. This helps them solve problems faster.
Handling Complaints: Hatch’s partners can upload any customer complaints into Themis. Hatch checks these every month. This helps them spot any trends or repeated problems.

The Results: Faster, Better, Stronger

Using Themis has made a big difference for Hatch:

They can start working with new partners 40% faster than before.
Setting up new programs used to take hours. Now it takes just minutes.
Hatch can work as quickly as the tech companies they partner with.
There are fewer delays and bottlenecks in their work.

Now, Hatch and their partners have a shared tool that everyone understands. It’s clear what needs to be done and who needs to do it. Everyone can see what’s waiting to be approved.

The Story Behind Hatch

Hatch wasn’t always a bank. It started with a man named Thomson Nguyen. Thomson used to run a different company that Square, a big tech company, bought. After that, he started thinking about new ideas.

Thomson talked to hundreds of small business owners. He learned that many pay hundreds of dollars to have a bank account, which is a big problem, especially for businesses that don’t make much money.

A Personal Mission

Thomson’s parents came to America from Vietnam. Like many immigrants, they started small businesses. Thomson saw how hard it was for them, so he wanted to use his skills to make things easier for small business owners.

Building Hatch

Thomson gathered a team of experts from companies like Square, Stripe, and big banks. They raised $20 million from investors who believed in their idea.

Hatch started offering bank accounts in January. These accounts only cost $10 a month and don’t charge extra fees that can hurt small businesses. Some account holders can even get help if they accidentally spend more money than they have in their accounts.

Helping During Tough Times

Hatch launched right before the COVID-19 pandemic hit. This was a tough time for small businesses. But Thomson was amazed by how creative business owners were:

Restaurants that never did deliveries started using apps like Uber Eats.
Lawyers and accountants figured out how to work online.
People who lost their jobs turned side projects into entire businesses.

Making Loans Easier

Hatch also offers small loans to businesses. They don’t check credit scores the way big banks do. Instead, they look at how the company is doing right now. This means they can help people who might have had money troubles but now have a good business.

Looking to the Future

Hatch has grown a lot. They started with eight people and now have 48. They want to keep growing and help even more of the 40 million small businesses in the United States.

Thomson and his team are always thinking about new ways to help small businesses. They want to make it easier for people to start and grow their own companies.

Why This Matters?

Starting a business is a big part of the American dream. But it can be challenging, especially when it comes to money. Banks don’t always understand what small businesses need.

Hatch is trying to change that. They’re using new technology to make banking easier and fairer for small businesses, which could help more people start businesses and follow their dreams.

By simplifying and making things cheaper for small business owners, Hatch isn’t just running a bank. They’re helping build a world where more people can be their bosses and bring their ideas to life.