- Business financial management platform Coast raised $35 million in growth equity funding, bringing its total funding to nearly $226 million.
- Coast will use the funding to expand its financial platform for trade and service businesses, invest in AI-powered expense automation and accounts payable tools, and grow its customer base.
- Coast’s expansion reflects a broader trend among business fintechs, including Gusto and Ramp, to offer more comprehensive financial services and deepen customer relationships.
Business financial management platform Coast raised $35 million in new growth equity funding this week. The investment brings the company’s total funding to just under $226 million. The round was led by Thomvest Ventures, with participation from new investors Intuit Ventures, Small World Capital, and Alpha Square Group, as well as existing investors including ICONIQ Growth, Accel, and Insight Partners.
“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 Thomvest Ventures Managing Director Don Butler. “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.”
The New York-based company will use the funding to expand its financial operating platform built for trade and service businesses working in construction, HVAC, plumbing, landscaping, electrical, pest control, solar, transportation, energy, and others. The fintech will also build out its customer base, invest in AI-powered expense automation, new bill pay and accounts payable products, and to form partnerships with the fleet and field service platforms.
“The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work,” said Coast Founder and CEO Daniel Simon. “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.”
Coast was founded in 2020 with its flagship fuel card for fleet vehicles. The company then expanded into corporate cards, expense management, and bill pay. In addition to offering corporate spending visibility, Coast also provides businesses vehicle- and driver-level visibility, telematics-enabled controls, fuel grade and gallon-level detail, job costing, and payments for trade-specific workflows and fuel, field, supplies, and office needs. All of this data flows to accounting and integrates with reconciliation software for finance teams. Among Coast’s clients are BuildOps, Sheetz, and 7-Eleven.
Coast’s expansion comes amid a broader push by business-focused fintechs to become one-stop shops for financial management. Just this week, payroll and HR platform Gusto announced it is adding business formation and business banking capabilities, while spend management platform Ramp applied for a national trust bank charter to offer fiduciary investment management and digital asset custody services. Though each company is approaching the market from a different starting point, all three are expanding beyond their original offerings to serve more of their customers’ financial needs.
Fintechs are capitalizing on a growing opportunity to consolidate the fragmented tools businesses use to manage their operations. Bringing more financial services under one roof allows these platforms to simplify workflows, gain greater visibility into customers’ financial activities, and potentially deepen customer relationships. For banks and traditional financial services providers, the trend raises an important question: As fintech platforms become the primary interface for managing business finances, who will ultimately own the business banking relationship?
Photo by Simon Reza
