Coast, a financial technology company serving businesses in construction, transportation and other field-based industries, has raised $35 million in growth equity funding to expand its financial management platform and develop artificial intelligence (AI)-powered tools.
The funding round was led by Thomvest Ventures, with participation from new investors Intuit Ventures, Small World Capital and Alpha Square Group. Existing investors, including ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR and The Fintech Fund, also participated.
Coast plans to use the fresh capital to expand customer acquisition, develop AI-powered expense management tools and strengthen its Bill Pay and Accounts Payable offerings.
Coast Expands Financial Management Platform
Founded by CEO Daniel Simon, Coast initially focused on fuel cards before expanding into corporate cards, expense management, bill payments and other financial services for businesses with vehicles, equipment and field-based employees.
The company’s platform combines payment services with operational data, helping businesses track spending by vehicle, driver, job and expense category. It also offers features such as fuel purchase tracking, job costing, automated transaction categorisation and accounting software integrations.
Coast serves businesses across construction, heating, ventilation and air conditioning (HVAC), plumbing, electrical services, landscaping, pest control, solar installation, transportation, utilities and the energy sector.
These industries often face challenges in tracking expenses across multiple locations, managing fuel purchases and reconciling transactions involving employees, vehicles and equipment.
Funding to Support AI and Bill Payment Tools
Coast will invest in AI-driven automation to reduce the manual work involved in reviewing transactions, assigning expenses and reconciling financial records.
The company also plans to expand its Bill Pay and Accounts Payable products, bringing vendor invoices and card transactions into a single financial management platform. These tools aim to help businesses manage supplier payments, fuel costs, equipment purchases and other operating expenses more efficiently.
Additionally, Coast plans to strengthen partnerships with fleet management, telematics and field service software providers, including Samsara and Fleetio.
These integrations allow businesses to connect financial transactions with operational information, such as vehicle location, driver identity and odometer readings. Companies can use these details to monitor spending, enforce purchasing policies and identify potentially unauthorised fuel purchases.
Investors Back Coast’s Expansion
The current investment further reinforces the association between Coast and Thomvest Ventures after its first investment in 2024. In addition, there is now a new investor, Intuit Ventures, following an existing integration association between Coast and Intuit’s financial software ecosystem.
According to Don Butler, Managing Director of Thomvest Ventures, the physical industries have traditionally not been served well by financial software companies. Coast plans to tackle this problem through integration of payments and financial control in the existing operations system of these businesses.
The company sees growing opportunities as construction, electrical, HVAC, utility and transportation businesses face increasing operational demands.
With the $35 million funding round, Coast plans to expand beyond its original fuel card offering and build a broader financial management platform for businesses operating across the physical economy.
