Coast Lands $35 Million Growth Round to Build Unified Financial OS for Field-Based Businesses
Coast Lands $35 Million Growth Round to Build Unified Financial OS for Field-Based Businesses #
New York-based fintech Coast has closed a $35 million growth equity round, with plans to build out a financial operating system for what it calls the “physical economy”: construction, HVAC, plumbing, electrical, landscaping, transportation, and utilities businesses.
Thomvest Ventures, which first invested in Coast in 2024, led the round. New investors Intuit Ventures, Small World Capital, and Alpha Square Group joined returning backers including ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Synchrony, and several others.
Coast said it will use the capital to expand its customer base and extend its product suite through AI-powered expense automation, new bill pay and accounts payable capabilities, and tighter integrations with the fleet management and field service platforms its customers already use. The company has existing software partnerships with telematics providers Samsara and Fleetio, letting operators use vehicle location, driver identity, and odometer data to flag anomalous transactions or disable a card directly from their fleet management dashboard.
Coast’s platform originated as a commercial fuel card before expanding into corporate cards, expense tracking, and accounts payable. Its differentiation centers on a granular, field-specific data layer built into every transaction: vehicle- and driver-level visibility, fuel-grade and gallon-level purchasing detail, and job-costing features that route spend coding automatically into a customer’s accounting system. The company says this saves clients tens of thousands of dollars and weeks of manual reconciliation each year.
Daniel Simon, Coast’s founder and chief executive, said the millions of field businesses that power the physical economy have long lacked a financial platform designed around the way they actually operate. He described the involvement of Intuit Ventures as particularly strategic given how many Coast customers already use QuickBooks and related Intuit products for their day-to-day finances.
Don Butler, managing director at Thomvest, described software acting as a “control plane” for payments and credit, embedded directly in the vertical workflows of field industries, as one of the most significant structural shifts in financial services today.
The newly launched bill pay and accounts payable products bring vendor invoices onto the same platform as card spend, giving finance teams a single view of all outgoing cash. Coast describes this as the first step toward a full financial services suite for physical-economy businesses, a segment it says has been underserved by mainstream financial software for decades.
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