Coast, a financial technology company providing payment cards and expense management solutions for businesses operating in the physical economy, has raised $35 million in growth equity funding led by Thomvest Ventures. The round included new investors Intuit Ventures, Small World Capital, and Alpha Square Group, alongside existing investors ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR, and The Fintech Fund.
The financing will support Coast’s expansion into a broader financial operating system designed for businesses in construction, transportation, HVAC, plumbing, electrical services, landscaping, utilities, energy, and related industries.
The company plans to invest in artificial intelligence-powered expense automation, new bill payment and accounts payable capabilities, and integrations with the fleet management and field service platforms its customers already use.
Coast initially developed its business around fuel payment cards designed for companies operating vehicle fleets. Its platform has since expanded to include corporate cards, expense management, and broader financial workflows.
Unlike conventional corporate card products, Coast’s technology provides controls designed for businesses managing vehicles, drivers, equipment, and job-related expenses.
Its capabilities include vehicle- and driver-level transaction visibility, fuel grade and gallon-level information, telematics-enabled spending controls, and job costing.
These features allow businesses to monitor operational spending in greater detail while connecting purchase activity to specific vehicles, employees, and projects.
Coast is also developing additional financial automation tools designed to reduce the administrative work associated with payments and accounting.
Its new Bill Pay and Accounts Payable offerings bring vendor invoices and other outgoing payments into the same platform used to manage corporate card transactions.
The integrated system is intended to provide businesses with a consolidated view of spending while automating approval processes, transaction reconciliation, and accounting classifications.
Coast believes these capabilities are increasingly important as companies in construction, utilities, transportation, and field services expand to meet growing infrastructure demand.
The company cited increasing hiring activity in several skilled trade categories, including HVAC engineering, electrical work, welding, and construction.
As these businesses expand, they frequently rely on a combination of general-purpose financial software, banking products, and industry-specific operating systems that may not communicate effectively.
Coast aims to address this fragmentation by embedding payment and expense management capabilities directly into existing business workflows.
The company has established integrations with fleet management and telematics providers, including Samsara and Fleetio.
Through these connections, businesses can use information such as vehicle location, driver identity, and odometer readings to monitor fuel purchases and identify transactions that may fall outside established policies.
The platform can also automate approvals or restrict payment cards based on operational data, reducing the need for manual oversight.
Coast said its financial tools can help customers reduce operating expenses and save substantial administrative time through improved spending controls and automated workflows.
The company intends to use its new capital to reach additional customers while expanding the range of financial services available through its platform.
Thomvest Ventures previously invested in Coast in 2024, and its participation in the latest financing reflects continued support for the company’s development.
With Intuit Ventures joining as an investor, Coast is also strengthening its relationship with an important provider of accounting and financial software used by small and medium-sized businesses.
The funding positions Coast to continue developing industry-specific financial infrastructure that connects payments, expense controls, accounting, and operational software.
KEY QUOTES:
“The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work. 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.”
Daniel Simon, Founder And CEO Of Coast
“The physical economy has been underserved by financial software for decades, and Coast is changing that with a platform that brings payments and credit controls into the workflows that businesses already use. We believe that software that acts as a control plane for payments and credit, embedded in the workflows of vertical industries, is one of the most important shifts happening in financial services. Coast is a clear leader on both fronts.”
Don Butler, Managing Director At Thomvest Ventures
