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Coast Raises $35 Million to Serve Trade and Service Businesses

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Coast Raises $35 Million to Serve Trade and Service Businesses

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.



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