US fintech company Coast has raised $35 mn in growth equity financing to expand its financial management platform for construction, transportation, utilities and other businesses operating physical assets and field services.
The round was led by Thomvest Ventures, with new investors Intuit Ventures, Small World Capital and Alpha Square Group joining the financing. Existing backers ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR and The Fintech Fund also participated.
- Coast secured $35 mn in growth equity funding led by Thomvest Ventures, with new investments from Intuit Ventures, Small World Capital and Alpha Square Group.
- The company will expand AI-powered expense automation, bill pay and accounts payable services for construction, transportation, utilities and other field-based businesses.
- Coast is strengthening integrations with fleet management and telematics platforms, including Samsara and Fleetio, to automate payment controls, fuel spending and financial reconciliation.
Coast plans to use the capital to expand customer acquisition and develop AI-powered expense management, automated bill payments and accounts payable products. The investment will also support deeper integrations with fleet management, telematics and field service software providers.
The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work.
Daniel Simon, founder and CEO of Coast
The company is developing a financial platform for businesses whose operations involve vehicles, equipment, field employees and purchases across multiple locations. Its services combine fuel cards, corporate payments, expense tracking and accounting automation.
“Coast is that platform. We’re excited to deepen our partnership with Thomvest, who first backed Coast in 2024, and to welcome Intuit Ventures, a deep integration partner that’s a critical part of so many of our customers’ businesses as they grow,” said Daniel Simon.
Coast targets financial services for construction, transportation and field businesses
Coast serves companies in construction, HVAC, plumbing, landscaping, electrical services, pest control, solar energy, transportation, oil and gas, and utilities.
The company initially focused on fuel cards before expanding into corporate cards, expense management and bill payment services.
Its products are designed to address the financial requirements of businesses operating vehicle fleets and distributed workforces, where spending needs to be tracked across individual drivers, vehicles, job sites and suppliers.
Demand for skilled trades has increased alongside investment in AI data centers and supporting infrastructure.
According to figures cited by Coast from Randstad, US job postings for HVAC engineers have increased nearly 78% since 2022. Openings for…
Read More: Fintech Coast raises $35 mn to expand AI expense management and fleet
