I’m excited to announce Coast has raised $40 million in Series B financing, led by Iconiq Growth. This follows an earlier round of funding we announced in March of this year.
We couldn’t ask for a better slate of partners: ICONIQ Growth, who led the Series B, has a proven track record in fintech and field services technology, having invested in companies like ServiceTitan, Chime, Marqeta, and other category leaders. They are joined in the round by existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, as well as new investors Thomvest. We’re also excited to bring on as a strategic investor Synchrony, a leading consumer financial services company which partners with many top national tire, petrol, auto parts and maintenance retailers like Discount Tire and Pep Boys.
Fintech momentum has been surging in recent years—a recent report by McKinsey highlights some pretty impressive statistics about the category—but much of the innovation has been focused on serving individual consumers. To the extent fintech offerings have served businesses, those businesses have typically been technology companies or startups—rarely real-world industries. Since we introduced Coast’s cutting-edge expense management platform and charge card, we have seen firsthand the difference a real-time digital financial solution makes across these sorts of companies, including residential and commercial services, transportation, construction, logistics, and more. Thousands of fleet-operating businesses now rely on Coast for fleet and fuel payments, with many telling us that switching to Coast has been transformational for their businesses. We’re proud to bring the promise of fintech, with its real-time insights, transparent pricing, and efficient products, and deliver it into the hands of the businesses that sustain local and regional economies.
With the new funding, we’re even better positioned to add to Coast’s offering, adding more features and value for our customers. Here’s a shortlist of the team’s roadmap priorities:
– Launching a first-of-its-kind mobile app that eases the collection and verification of transaction data for fleet payments;
– Building out specialized expense management functionality that supports our customers’ financial processes, including job codes and integrations with field services management software;
– Integrating with new platforms that our customers use, across fleet management, telematics, accounting, and ERP platforms;
– Launching additional partnerships with fuel brands, fleet management companies, field service software providers, and other critical vendors for our customers;
– Growing the team across our New York City headquarters and our expanding Utah office.
On a personal note, I’m excited to be collaborating with partners who believe in Coast’s vision, including Yoonkee Sull of ICONIQ Growth, who will be working with me as a director on Coast’s board. Yoonkee and the ICONIQ team understand that we’re setting a new standard for industry-focused payments and expense management, with a team uniquely positioned to execute on that vision. After nearly four years building Coast, I’m grateful to have them alongside us. We’re just getting started.
To the thousands of businesses that rely on Coast, I want to thank you for your trust and your partnership. Reach out to me any time with your thoughts on what more Coast can do for you.
Daniel Simon
Founder and CEO at Coast
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