Financial technology provider Coast has closed a $35 million growth equity funding round to scale its specialized payment and expense management platform. The capital infusion is earmarked for expanding market reach and accelerating the development of advanced artificial intelligence features, automated accounts payable products, and integrated bill payment tools tailored for industries operating within the physical economy.
Fueling Growth for Field Sectors
The funding round was led by Thomvest Ventures, with participation from new backers including Intuit Ventures, Small World Capital, and Alpha Square Group. Returning investors ICONIQ Growth, Accel, and Insight Partners also contributed to the round. Coast originally entered the market with a commercial fuel card before broadening its product suite to encompass corporate cards, comprehensive expense tracking, and bill pay capabilities.
The platform is specifically engineered for field-based trade sectors such as construction, electrical, plumbing, HVAC, landscaping, transportation, and public utilities. By incorporating vehicle location data, telematics, and driver identification features, Coast enables finance teams to maintain strict line-item controls, execute automated purchase reconciliations, and perform detailed job costing.
Integrating Fleet Management and Telematics
A core element of the platform strategy involves embedded software partnerships with major fleet management providers such as Samsara and Fleetio. These integrations allow business operators to monitor driver activity alongside card usage within a single unified interface. According to company leadership, traditional financial tools often fail to address the specific workflow requirements of businesses driving the physical economy.
Daniel Simon, founder and chief executive officer of Coast, noted that millions of field-based operations continue to lack financial platforms designed around their operational workflows. The latest capital injection aims to bridge this gap by delivering targeted technological solutions.
Broader Trends in Commercial Payments
The investment reflects a wider commercial payments trend as financial technology providers race to modernize expense management for field operations. Industry shifts indicate a departure from legacy fuel cards and generic corporate offerings toward integrated payment platforms that merge transaction processing with operational data. Similar market developments include firms adopting real-time controls utilizing vehicle telematics and location tracking to enhance policy enforcement and prevent unauthorized spending.
- Coast secured $35 million in a growth equity funding round led by Thomvest Ventures.
- Funds will support artificial intelligence expense automation and accounts payable products.
- The platform integrates telematics from providers like Samsara and Fleetio for job costing.