Coast raises $35M in growth equity led by Thomvest Ventures for a financial platform built for field businesses

Coast has raised $35 million in growth equity led by Thomvest Ventures, with Intuit Ventures, Small World Capital and Alpha Square Group joining as new investors. ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR and The Fintech Fund also participated. The valuation was not disclosed.

New York-based Coast started with a fuel card and now sells corporate cards, expense management, Bill Pay and Accounts Payable to businesses in construction, HVAC, plumbing, solar, transportation and utilities, with vehicle- and driver-level controls and job costing. Through telematics partners such as Samsara and Fleetio, operators can catch an off-route fuel purchase or switch off a card from the software they run their fleet with.

Coast has about 135 employees across New York and Utah and serves thousands of businesses. The money goes to AI expense automation, the new Bill Pay and Accounts Payable products and embedded partnerships with fleet and field-service platforms.