Coast raises USD $35 million to expand field payments

Coast has raised USD $35 million in growth equity funding in a round led by Thomvest Ventures.

The New York-based company said the round also included new investors Intuit Ventures, Small World Capital and Alpha Square Group, alongside existing backers including ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR and The Fintech Fund.

Coast sells financial products for businesses in sectors including construction, HVAC, plumbing, landscaping, electrical work, transportation, energy and utilities. It began with a fuel card product and has since expanded into corporate cards, expense management, bill pay and accounts payable tools.

It plans to use the new capital to expand its platform, add customers and invest in AI-based expense automation, bill pay, accounts payable and embedded partnerships with fleet and field service software providers.

The fundraising comes as Coast argues that many businesses in the physical economy still rely on a patchwork of general-purpose banking, card and fleet products that are not built for their day-to-day operating needs. The company focuses on controls and spending data tied to vehicles, drivers and job costs.

Its system includes vehicle- and driver-level visibility, telematics-linked controls, fuel-grade and gallon-level purchase data, and accounting integrations designed to automate reconciliation and coding for finance teams.

Sector focus

Coast said demand across several of its target industries has increased alongside activity tied to data centre development. It cited growth in job postings for HVAC engineers since 2022, as well as more openings for electricians, welders and construction specialists.

The company also highlighted tighter links between payments and operating software as a differentiator. Through integrations with telematics, fleet management and field service platforms including Samsara and Fleetio, operators can use data such as vehicle location, driver identity and odometer readings to monitor purchases or disable a card from within their existing systems.

Its new bill pay and accounts payable products are meant to put vendor invoices on the same platform as card spending, giving customers a single view of outgoing payments across the business.

Daniel Simon, Founder and Chief Executive Officer of Coast, described the company's aim in broad terms.

"The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work," Simon said. "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."

Thomvest Ventures had previously invested in Coast before leading this round. "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," said Don Butler, managing director at Thomvest Ventures. "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."

Coast said its platform is designed to steer drivers and other staff towards approved purchasing choices while routing approvals and reconciliation through software customers already use to run fleets and field operations.

The latest investment adds to a broader trend of investors backing software and financial technology groups that target specific industries rather than the wider corporate market. For Coast, that strategy centres on companies with mobile workforces, fuel spending, and distributed purchasing needs, where employers want closer oversight of field spending.