Coast Raises $35M in Funding led by Thomvest Ventures

Coast, a NYC-based provider of a financial platform built for the physical economy, has raised $35 million in a funding round.

The round was led by Thomvest Ventures, with participation from new investors Intuit Ventures, Small World Capital, and Alpha Square Group, alongside existing investors ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR, and The Fintech Fund.

The company plans to use the funding to expand its financial platform, reach more customers, and develop AI-powered expense automation tools.

What is Coast?

Coast provides financial tools for businesses that operate in industries such as construction, HVAC, plumbing, landscaping, electrical services, transportation, energy, and utilities.

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Founded in 2020, the company initially focused on fuel cards and has since expanded into corporate cards, expense management, Bill Pay, and Accounts Payable. Its products are designed for businesses with vehicles, field workers, equipment and job-specific expenses.

Coast gives businesses detailed spending controls and data, including vehicle- and driver-level visibility, fuel purchase information, telematics-enabled controls and job costing. Its accounting integrations also help finance teams automate expense coding and reconciliation.

How Much Funding Has Coast Raised?

Coast has raised $35 million in its latest funding round. The company did not disclose its total funding raised to date or provide details of its previous funding rounds in the announcement.

The latest round was led by Thomvest Ventures and included both new and existing investors.

Who Invested in Coast’s Funding Round?

Thomvest Ventures led Coast's $35 million funding round.

New investors included:

• Intuit Ventures
• Small World Capital
• Alpha Square Group

Existing investors participating in the round included ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR, and The Fintech Fund.

Why the Funding Matters

Coast plans to use the new funding to expand its financial platform into a broader operating system for businesses in the physical economy.

The company will also invest in AI-powered expense automation and work to reach more customers. These efforts are aimed at helping businesses manage card spending, vendor payments, fleet expenses, and accounting tasks through connected tools.

Who founded Coast?

Coast was founded in 2020 by Daniel Simon. The company is headquartered in New York City.

It focuses on providing financial services and spending management tools for businesses operating in field-based and fleet-dependent industries.

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

"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.

Market and Business Growth

Coast serves businesses across a wide range of industries, including construction, HVAC, plumbing, landscaping, electrical services, pest control, solar, transportation, energy, oil and gas and utilities.

The company has expanded beyond its original fuel card offering to include corporate cards, expense management, Bill Pay, and Accounts Payable.

Its platform also connects with third-party systems used for fleet management, telematics, and field service operations. These integrations allow customers to use vehicle and driver information to manage spending and identify potentially unusual transactions.

What Happens Next?

Coast plans to expand its financial platform, serve more businesses, and invest in AI-powered expense automation.

The company is also developing a broader financial services offering by bringing card spending, vendor invoices, and payments into one platform. Its focus remains on helping businesses in the physical economy manage financial operations alongside their day-to-day work.

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