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Coast Secures $35 Million to Expand Financial Platform for Physical Economy

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Coast Secures $35 Million to Expand Financial Platform for Physical Economy

Financial technology firm Coast announced in a Thursday (Oct. 22) press release that it has raised $35 million in a new growth equity funding round to expand its payment and expense management platform built for physical economy businesses.

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Thomvest Ventures led the growth round. New investors Intuit Ventures, Small World Capital and Alpha Square Group joined returning backers ICONIQ Growth, Accel and Insight Partners. Coast plans to allocate the fresh capital toward expanding its customer reach and will also develop artificial intelligence (AI)-enabled expense automation, accounts payable (AP) products and bill payment tools.

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Coast initially launched with a commercial fuel card before broadening into corporate cards, expense tracking, AP and bill pay. The software is tailored for field-based trade sectors such as construction, HVAC, electrical and plumbing, as well as landscaping, transportation and public utilities. The platform integrates vehicle location data, telematics and driver identification to provide line-item controls, automated purchase reconciliation and detailed job costing features for finance teams. The company also maintains embedded software partnerships with fleet management providers, including Samsara and Fleetio, allowing operators to monitor driver activity and card usage within a single interface.

“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, said in the announcement.


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